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Gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 September 2011 MR.A RECEIVED A CAR FROM HIS FRIEDND(mR.B) AS GIFT WHAT IS THE TAX TREATMENT ON IT AND HOW CAN HE BOOK THE VALUE ON HIS BOOKS AS FIXED ASSTES

1) what is bpook eantry and tax treatment on Mr.A

2) what is the book entry and tax teartemnt on mr.B
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
23 September 2011 The value of the gift is market value of the car or written down value of the car to mr.B as on date of gift received which is more reliable.

entry in the books of A

CAR A/C Dr *****
To Capital A/C *****
(Being car gift received from Friend MR.B)

entry in the books of B
Capital A/C Dr *****(with wdv to mr.B)
To CAR A/C ***** (with wdv to mr.B)
OM SAI SRI SAI JAI JAI SAI
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