Fixed asset entry in tally

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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.

Dilip Khambete

Dilip Khambete (Querist)

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

Regards

Dilip

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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".

Dilip Khambete

Dilip Khambete (Querist)

23 February 2026 Thank you sir for your kind reply
Warm regards
Dilip

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 February 2026 You are welcome.