Cost of acquisition in case of gift

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1359 Points Posted on 15 June 2023
If someone gift depreciable assets(like used car, machine) to assessee then what would be cost of acquisition wdv or purchase price?
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On 15 June 2023 at 20:54 Report
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When depreciable assets like used cars or machinery are gifted, determining the cost of acquisition can be complex. Generally, the purchase price is considered. However, if the gifted assets are used in a business, their cost of acquisition for depreciation purposes is often treated as nil.

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28261 Points Posted on 15 June 2023
Generally purchase cost
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On 15 June 2023 at 21:27
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12244 Points Posted on 16 June 2023
If the assets are used in the business, then the cost of such assets have to be reckoned as nil for computing depreciation
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On 16 June 2023 at 02:59

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