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How to show the jewelery recd as gift on marriage in the a/c

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(Querist)
16 October 2011 Dear Experts,

Plz tell me, how to account the jewelery recd from relatives, friends etc on the occasion of marriage in the personal account.

Thanks in advance,

Regards,
Sushil.
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CA Dileep Surya Kumar

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CA Dileep Surya Kumar (Expert)
17 October 2011 you can do so by following entry.

jewelery A/c Dr(value of jewelery recd)

To Capital A/c



Note that any asset or money received from anybody not only from relatives, on the occasion of marriage is exempt from tax.
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ACMA Obulirajan R

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ACMA Obulirajan R (Expert)
17 October 2011 Yes any gift received from any body on the occation of marraige is exempt from tax




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