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Treatment of land received as donation

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(Querist)
23 January 2014 i am running an religous trust. i have received a land as donation. i want to know its accounting treatment?
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CA Shyam Agarwal

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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'

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