Accounting entry for Gift transaction
This query is : Resolved
13 July 2022
Sir,
It assessee (son)property gift received from father value rs:25 lacs.registration and stamp duty charges paid by son.
Question:
Above mentioned transaction show procedure for son in accounting books entry and it returns
It assessee (son)property gift received from father value rs:25 lacs.registration and stamp duty charges paid by son.
Question:
Above mentioned transaction show procedure for son in accounting books entry and it returns
13 July 2022
In the books of Father..
Dr. Gift
Cr. property
In the books of Son...
1. Dr. Property (value as per father's books of acct)
Cr. Gift
2. Dr. Property
Cr. Bank/cash (stamp duty & registration charges).
Dr. Gift
Cr. property
In the books of Son...
1. Dr. Property (value as per father's books of acct)
Cr. Gift
2. Dr. Property
Cr. Bank/cash (stamp duty & registration charges).
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13 July 2022
In ITR of Son, under Schedule 'Exempted Income', property as per book value.
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