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If STOCK IN TRADE is gifted wat is COA?? V URGENT, PLS HELP


manisha agarwal (CA)     27 October 2010

manisha agarwal
CA 
 3 likes  53 points

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As per Supreme Court ,If SIT is aquired by assessee otherwise than by way of purchase (Eg: gift) then COA of SIT shall be FMV on the date whn it it was acquired ie FMV on the date of gift. An Exception to this rule is in Sec 43C.

but in sec 43C its written when a cap asset is transferre as SIT under gift , will, irrevocable trust or on partition of huf then COA is aggregate of folwg:

a)COA of said asset to the transferor

b) Expenditure on improvement incurred by transferor n tranferee and

c) exp incurred wholly n exclusively in connection of transfer by transferor such as gift tax , probate fees,etc

Now i 'm confused between Sc judgement and sec 43 c.. wat will b the COA of gifted SIT??

Plz Ans....

avater

CA Kartik Sharma (CA)     07 January 2011

CA Kartik Sharma
CA 
 2 likes  55 points

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Can u qoute the citation of the Supreme court judgement which is leading to the confusion?

avater

Dhawal Mohnot (Practicing)     07 January 2011

Dhawal Mohnot
Practicing 
 40 likes  444 points

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is the stock in trade "shares"?

avater

CA MAYANK WADHERA (CA CS CMA(I))     09 January 2011

CA MAYANK WADHERA
CA CS CMA(I) 
 40 likes  789 points

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please reffer section 56(2) (vii)


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