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RECEIPT FOR DONTAION RECEIVED IN KIND

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24 September 2020 DEAR SIRS :: I am an active member of registered RWA in New Delhi and RWA dutifully making receipts for all cash / cheque received...... My query is (1) In which head of account amount should be credited if a person gives cash/cheque over and above his yearly fixed subscription (2) How to make receipt for materials i.e. sign boards, chairs, tables, LED, computer systems etc. donated by individuals to RWA... Kind Regards
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 September 2020 Account it as donation considering it reasonable value. No tax payable on such donation not exceeding Rs 50,000 in a year.
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