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Gift received in marriage

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(Querist)
02 May 2012 IF INDIVIDUAL RECEIVED MOVABLE PROPERTY LIKE CAR OR COMPUTERS/LAPTOP DURING HIS MARRIAGE OCCASION THAT IS EXEMPT U/S. 56(2). CAN THAT INDIVIDUAL TREAT THIS AS ADDITION TO FIXED ASSETS IN HIS BALANCE SHEET AND CAN CLAIM DEPRECIATION IN PROFIT & LOSS ACCOUNT.
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CA CKP

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CA CKP (Expert)
02 May 2012 If the assets are being used in the business than one can add these assets to its BS and can claim the depreciation as well.
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Piyush D. Acharya

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Piyush D. Acharya (Querist)
02 May 2012 Thank you sir.



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Anand

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Anand (Expert)
02 May 2012 what shall be the value of the asset???
since it is received as gift..!!
it shouldn't be shown at nominal value..???
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Anand

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Anand (Expert)
02 May 2012 what shall be the value of the asset???
since it is received as gift..!!
it shouldn't be shown at nominal value..???
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Piyush D. Acharya

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Piyush D. Acharya (Querist)
03 May 2012 Laptop & Gold approximation of Rs. 150,000/-

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