A surgical instrument gifted by father to son (dentist) should be recorded in Tally as a fixed asset at cost of Rs 80,000 using purchase invoice as proof. Entry: Debit Fixed Asset, Credit Capital Account. Gift from father is tax-exempt and treated as capital contribution.
23 February 2026
If a father gifts his consultant dentist son a surgical instrument worth 80000 on starting of practice.how to record that as fixed asset in son's tally. Father has purchased it and has receipt. It is sons first itr 4 filing and son has no other fixed asset as he is doing his job as consultant. Please tell
23 February 2026
Record the gifted surgical instrument as a fixed asset in Tally at its cost of ₹80,000, using the father's purchase receipt as supporting evidence. This gift from father to son is tax-exempt under Indian income tax rules for relatives, and it qualifies as a capital contribution for the son's professional practice.
Debit: Surgical Instrument (Fixed Assets ledger) – Amount: ₹80,000. Credit: Capital Account (under Capital or Reserves & Surplus) – Amount: ₹80,000. Add narration: "Surgical instrument gifted by father, receipt attached, cost ₹80,000".
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