Journal entry for transfer of property
This query is : Resolved
30 November 2021
Dear Sir,
One of my client has prepared a Gift deed and transferred their share in property.
There was a Sale agreement between 3 persons in which house property share was divided between father and his 2 sons.
Now the father and his first son gave their share of property to the second son by preparing the gift deed. All the taxes were paid by the second son as property is now in his name.
I need help regarding what entry should be passed for transfer of property as no monetary transaction took place and taxes were paid by the person to whom property is transferred.
Please help me in this matter.
Regards,
Divyesh Jain
One of my client has prepared a Gift deed and transferred their share in property.
There was a Sale agreement between 3 persons in which house property share was divided between father and his 2 sons.
Now the father and his first son gave their share of property to the second son by preparing the gift deed. All the taxes were paid by the second son as property is now in his name.
I need help regarding what entry should be passed for transfer of property as no monetary transaction took place and taxes were paid by the person to whom property is transferred.
Please help me in this matter.
Regards,
Divyesh Jain
30 November 2021
CR. GIFT FROM RELATIVE
DR. PROPERTY ABC.
DR. PROPERTY ABC
CR. BANK/CASH (PAID FOR TRANSFER)
DR. PROPERTY ABC.
DR. PROPERTY ABC
CR. BANK/CASH (PAID FOR TRANSFER)
30 November 2021
Ok Sir, Thanks for the reply
30 November 2021
My Pleasure.
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