Treatement of asset gifted as per it act for dep.
This query is : Resolved
17 February 2012
If the fixed asset maintained under income tax act, gifted during the year then what amount should be deducted from the Gross Block?
Nil?
WDV of the fixed asset?
Any other?
Nil?
WDV of the fixed asset?
Any other?
17 February 2012
For avoiding disputes and accounting problems, i shall advise you to transfer it @ the written down value as per bookds, so as to that the account is nullified and there is no scope of profit or loss on such account either to the donor or donee..
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