Please help me out in this peculiar case
A, an individual, wants to transfer Investments of book value 2 crores (Market value 4 crores) to B, another individual. The transfer would be in the nature of a "gift". Again, the transfer should be made at the market value and not book value.
Please tell me the journal entries to be passed in both the books.(if at all it is possible!!!)
Also, would there be any applicability of Gift Tax in B's case??Thanks
CAclubindia
