Gift of trade stock to son

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kollipara sundaraiah (Querist)
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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.

CA Rashmi Gandhi (Expert)
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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)
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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.

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