Father gifted stock in trade to Son. Father bought in 1.4.2020 for 1 lakh and kept valuing stock on Cost or NRV lower. As on 31.3.2023, stock was valued for 90,000 and he gifted it to his Son on 1.4.2023 who would be using it for his business and claiming dep on it.
what are the tax implications in the hands of father and son, with sections reference ?
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