Problem with a gift !!!

My opinion is In books of "A" Dr. Investments A/c. 2 Croes Cr. Corpus A/c. (A) 2 Croes Dr. Corpus A/c. 4 Croes Cr. Investment A/c. 4 Croes In personal statement of affairs of Mr.A Corpus Opening xxxx Add : Appreciation in Invst. 2 Croes Less : Gifts made 4 Croes In books of B Dr. Inv. A/c. 4 Croes Cr. Corpus A/c. 4 Croes

Good work S.Karunakaran ! In B's Case no Gift Tax implication,since Gift Tax Act is abolished. The value of Rs.4 crores will not be taxable in the hands of B under Section 56 of the Income Tax Act,1961 since it is not a sum of money.

What is "corpus" ? pls define it. thanx Ghanshyam

Dear ghanshyam, Corpus means Capital.It is more suitable to use this word in case of a not- for-profit organisation.