when an asset is acquired by way of gift or inheritance under sec 43(1) explanation 2 then will the wdv of the gifted asset be deducted in the hands of donor because the money payable by donee to the donor is nil?
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Depriciation
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Hi Pankaj
In this case donor will deduct NIL amount from the block of asset, because the money receivable is Nil.
Also there is no transfer, so capital gain/loss will not be calculated.
In case of donee: the actual cost of the asset shall be the actual cost to the previous owner, as reduced by amount of depreciation that would have been allowable as if the asset was the only asset in the relevant block of assets.
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