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Donations received in Kind

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Vibha Palekar

Vibha Palekar (Querist)
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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

CA R SEETHARAMAN (Expert)
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19 September 2020 Account it as donation at fair market value and capitalise the bus. Expense it registration and insurance expenses.

Vibha Palekar

Vibha Palekar (Querist)
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21 September 2020 And how to find out the fair market value?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 September 2020 Dealer of such bus can give you it's value.

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