Deletion of asset as gift
This query is : Resolved
Nidheesh V
(Querist)
23 August 2017
One father is an Assessee under income tax act 1961,gave his land to his son as a gift,then how will shown as this transferred land in his (father) book ?in which value will be shown ?
ABHISHEK GARG
(Expert)
23 August 2017
When the Land is transferred and gifted to Son, then why it will reflect in fathers Books?
It will reflect in Son's books at a Nominal Value for Say, Rs. 10 or 100 or 1000.
It will reflect in Son's books at a Nominal Value for Say, Rs. 10 or 100 or 1000.
Studentsca
(Expert)
23 August 2017
Value of land transferred will be debited from his Capital Account.
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