Menu
Asset transferred as GIFT
If assessee gift his asset to another, then, in such case can both the person i.e. assessee and the person to whom assets is transferred can claim depreciation as
- WDV of assessee will be reduced by zero amount as in gift no consideration is received, and
- The person who has received the gift will record it a WDV to transferor (Explanation 2 to Section 43(1)).
Please replay as soon as possible.
With Warm Regards,
Kunal Agrawal
kunalagrawal @ aol.in
Replies (3)
Dear mr kunal,
for the assessee who transferred the asset, the sale consideration is nil and the entire wdv in such case is treated as short term capital loss. depreciation can be claimed by the transferee alone.
| Originally posted by :saranraj | ||
| " | Dear mr kunal, for the assessee who transferred the asset, the sale consideration is nil and the entire wdv in such case is treated as short term capital loss. depreciation can be claimed by the transferee alone. |
" |
How will you treat it as short term capital loss if there are some other assets in the block.
are to trying to say if you gift an asset it will be STCL.
Please reply
If the asset so transferred is the only asset in the block, there will be stcl. If there are other assets even after transfer, the value equivalent to the wdv of the asset has to be reduced from the block.
Recent Topic
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
- TDS EXECESS AMOUNT ADJUSTMENT
- What's the ONE thing about GSTR-2B / IMS reconcili
- Is GST Registration Mandatory for Freelancers in I
- ITR TO FILE
- Shift of Place of Business from one state to anoth
- Form 10E u/s. 89(1). Need clarification because Ex
- Long Term Capital Loss - Tata Capital unlisted sha
Related Topics
CAclubindia
