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.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
