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Transfer of immovable asset by way of gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 August 2015 A Person holds an Immovable Property since a long.Book value of such property is Rs.3 lakhs. market value of such property is Rs. 30 lakhs. stamp paper is also made on the basis of market value, i.e. 122700(4.09% of 30 lakhs).
Now that person wants to transfer such property by way of gift to his son.
advise me on which price i.e. market value or book value i should record such property in the books of his son.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 August 2015 Record it in market value which will help him to obtain bank loan.
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