Gift received in marriage
This query is : Resolved
Piyush D. Acharya
(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.
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
(Querist)
02 May 2012
Thank you sir.
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..???
since it is received as gift..!!
it shouldn't be shown at nominal value..???
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..???
since it is received as gift..!!
it shouldn't be shown at nominal value..???
Piyush D. Acharya
(Querist)
03 May 2012
Laptop & Gold approximation of Rs. 150,000/-
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