Donations received in Kind
This query is : Resolved
Quick Summary
Vibha Palekar
(Querist)
19 September 2020
A Trust has received a second hand bus as donation. The trust has incurred expenditure for registration with RTO and insurance. How to account this bus in the Trust? And at what value?
CA R SEETHARAMAN
(Expert)
19 September 2020
Account it as donation at fair market value and capitalise the bus. Expense it registration and insurance expenses.
Vibha Palekar
(Querist)
21 September 2020
And how to find out the fair market value?
CA R SEETHARAMAN
(Expert)
21 September 2020
Dealer of such bus can give you it's value.
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