Kruthika K M (Student CA Final ) (980 Points)
02 December 2015Suppose a Trust acquires land at free of cost,should it be accounted at historical cost of previous owner or should it be accounted at Fair Value after inheritance ?? Please help
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MAHESH
(Tax Consultant)
(114 Points)
Replied 02 December 2015
Gift in kind nothing but general donation. my suggession is to avoid future litigation with IT dept, take into accounts on FMV and offer to tax. Alternatively If it is specif purpose then add the FMV value corpus.
With regard to FMV you may consider the Registar Value.
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