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Accounting & tax liablity of gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 July 2013 A Machinery i.e. laptop(gift) from non-relative costing 150000/-.
How accounting to be done and what will be the taxable value??


Your advice is invited.
thanks....
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 July 2013 You have to show the income of Rs 150000/-under Income from Other Sources and tax will be computed with income under other heads.
.
For accounting purpose Debit Laptop a/c and credit capital account by narrating the fact as received gift from (Name of the Donor)
.
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