Gift of trade stock to son
This query is : Open
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Kollipara Sundaraiah
(Querist)
24 July 2021
Sir,
Business it Assess gift of trade stock (business stocks)to son allowed.if allowed what value at cost or fmv value.
Business it Assess gift of trade stock (business stocks)to son allowed.if allowed what value at cost or fmv value.
CA Rashmi Gandhi
(Expert)
25 July 2021
You can gift and value to be considered. at cost.
If registered under GST, don't forgot to reverse ITC of such assets.
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CA PARTH SHAH
(Expert)
26 July 2021
In your case, stock has to be transferred to your son's books and itc has to be transferred under gst.
Transfer stock at current price.
Transfer stock at current price.
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