Gift value

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This discussion clarifies how to determine the accounting value of a gift received, specifically a vacant site in Bangalore purchased in 1965-66. The advice suggests using the original purchase deed value from 1965 or the circle rate of the plot as of April 1st, 2001, for accounting purposes.

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(Querist)
20 October 2021 Dear Sirs,
One of my relative have received a gift from her father which was purchased during the year 1965-66. My query is for accounts
purpose we have to consider S.R.Value as on date of gift or the value of purchase deed of 1965-66, or INDEX VALUE as per Income tax act. Please give your valuable advise.
Thanks in advance.
K.B.Nagesha rao
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
20 October 2021 What is the gifted item?
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k.b.nagesharao

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k.b.nagesharao (Querist)
20 October 2021 Vacant site in Bangalore
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
20 October 2021 You may take the value as per purchase deed of 1965.
Also have option to consider circle rate of the plot as on 01.04.2001.
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