Donations received in Kind
This query is : Resolved
Quick Summary
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?
19 September 2020
Account it as donation at fair market value and capitalise the bus. Expense it registration and insurance expenses.
21 September 2020
And how to find out the fair market value?
21 September 2020
Dealer of such bus can give you it's value.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Purchase of property from NRI
- GST APPLICABILITY TO DIAGNOSTIC
- Seeing a huge entry in AIS Purchase of time deposits (SFT-005), what it is for
- CESS not claimed in GSTR3B either in inward supplies or outward supplies for the period Oct2025
- NRI get transferred fund from his own Indian account to his foreign US account without any approval
- How to pay tds on mhada property
- CBDT RESOLUTION NO & DATE
- Trust case
- ITC claim on vehicle parts and repairing
- GST Rate on Bakery Items registered under composition scheme
- Value of Perquisite Sec.10 (10CC)
- Multiple GST under same PAN
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
