Gift entry
This query is : Resolved
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
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.
.
.
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.
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
- CAPITAL GAIN REDEVELOPED FLAT
- CLOSING STOCK QUERY
- Multiple payment of self assessment tax for A Y 2025-2026
- REGARDING ITR FILING QUESTION
- Requirement under FEMA &RBI
- ITC BENEFIT ON BROKRAGE PAID
- Short Term Gain Reporting ITR
- Query regarding reporting of exempt foreign remuneration in ITR
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Error in uploading Form 10BD
- 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
- CPC and SAC
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
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
