Dear Sir / Madam,
I want the following clarification w. r. t. transfer of Depreciable Assets being an office premises on which depreciation is charged for a period of 8 years.
1. Can I transfer the Depreciable assets ( office premises) to my Son as a Gift?
2. If answer to 1 is yes then what is the tax Implication on the same.
3. How to disclose this transaction in Return of income and what documents are to be made ?
4. How much stamp duty is to be paid on transfer of Depreciable Assets as a gift?
AS suggests all company assets can only be disposed or exchanged for consideration or, when their useful life is over. I’m not sure that anyone can transfer any assets as a gift.
CAclubindia
