Treatment of land received as donation
This query is : Resolved
sahil garg
(Querist)
23 January 2014
i am running an religous trust. i have received a land as donation. i want to know its accounting treatment?
CA Shyam Agarwal
(Expert)
06 October 2014
If your trust is registered u/s 12A then Land received will be Exempt from Tax. If Land are being used for religious purpose.
And for the Accounting Entry I think
Land A/c Dr.
To Corpus Donation
Corpus Donation A/c Dr.
To Capital Fund
Plz friends comment 'Am I Right'
And for the Accounting Entry I think
Land A/c Dr.
To Corpus Donation
Corpus Donation A/c Dr.
To Capital Fund
Plz friends comment 'Am I Right'
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