Gift received in marriage

This query is : Resolved 

02 May 2012 IF INDIVIDUAL RECEIVED MOVABLE PROPERTY LIKE CAR OR COMPUTERS/LAPTOP DURING HIS MARRIAGE OCCASION THAT IS EXEMPT U/S. 56(2). CAN THAT INDIVIDUAL TREAT THIS AS ADDITION TO FIXED ASSETS IN HIS BALANCE SHEET AND CAN CLAIM DEPRECIATION IN PROFIT & LOSS ACCOUNT.

02 May 2012 If the assets are being used in the business than one can add these assets to its BS and can claim the depreciation as well.

02 May 2012 Thank you sir.


02 May 2012 what shall be the value of the asset???
since it is received as gift..!!
it shouldn't be shown at nominal value..???

02 May 2012 what shall be the value of the asset???
since it is received as gift..!!
it shouldn't be shown at nominal value..???

03 May 2012 Laptop & Gold approximation of Rs. 150,000/-



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