How to show the jewelery recd as gift on marriage in the a/c
This query is : Resolved
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.
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.
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.
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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17 October 2011
Yes any gift received from any body on the occation of marraige is exempt from tax
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