Transfer of immovable asset by way of gift
This query is : Resolved
Querist : Anonymous
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.
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.
CA R SEETHARAMAN
(Expert)
04 August 2015
Record it in market value which will help him to obtain bank loan.
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