The wording used for "Handing over" may not be appropriate, but I feel it should be an issue of the assets of the property. An acknowledgment for having received the asset from the employee is a must, either on the duplicate copy of the letter or by a separate acknowledgment letter or even in the issue register of the company. At the end of each financial year, this item will be taken into asset value, and inventory shall follow.
Adoni Suguresh
Labour Laws Consultant