Gift entry
This query is : Resolved
B.P. SRIDHAR
(Querist)
19 January 2013
Sir,
What is the entry in cash book for a house gift received by son in the books of the receiver i.e.son
What is the entry in cash book for a house gift received by son in the books of the receiver i.e.son
CA PARAS BAFNA
(Expert)
19 January 2013
Debit the Proprietor's Capital Account and Credit the House A/c by the amount at which the gifted house is shown in the books of account.
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Message likes :
1 times
26 July 2013
I disagree with the expert as the entry in the books of son is required by the question raiser. The Son will credit his capital and debit the House as his capital increases and the assets is created in his account.
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