For the purposes of determining the value of gift as taxable under section 56(2)(x), the fair market value of the movable asset is taken as on the date of
A. Agreement
B. Receipt of movable asset
C. None of the above
D. At the option of assessee
Answer:B
For the purposes of determining the value of gift as taxable under section 56(2)(x), the fair market value of the movable asset is taken as on the date of
A. Agreement B. Receipt of movable asset C. None of the above D. At the option of assessee