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Accounting treatment for Land received as gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 June 2010 Dear All,

One of my client (Gov. Company)received land as gift from a private company. the market value of the same were Rs.3 cr. the transaction taken place in the month of Oct'08.
still we are not accounted it. while finalising the accounts for the year 2009-10 the statutory auditors are says account the land with the market value. is it correct?
if correct what is the AS applicable?
and the where the credit will go?

IF it is not correct,

what is the correct treatment?
with AS reference
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CA Punit

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CA Punit (Expert)
17 June 2010 Since the cost is NIL, it will be appropriate to account @ Market Value to state correct position in Balance Sheet.
You can consult ur auditor for the correct treatment.
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