Transfer of asset

This query is : Resolved

Jaspreet Singh (Querist)
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17 March 2014 hello Caclub family, there is a query my Dad, sole proprietor, purchased a bike for me in 2011 on my name and not brought in the books but now we want to bring in the books, Is this possible? and if, how I can do this?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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18 March 2014 1. You can introduce the bike as capital.

2. The fair market value shall be the cost of acquisition.

3. The fair market value can be taken from the insurance policy. The IDV (insured's declared value) will be the FMV.