Accounting of ancestral property

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3 Points Posted on 14 February 2020
plz any one help me out, how can we account ancestral property which is gifted from our father.
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On 14 February 2020 at 14:50 Report
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This discussion addresses how to account for ancestral property received as a gift from a father. The recommended approach is to credit the individual's capital account with their percentage share of the land. The cost of acquisition (COA) should remain the same as that paid by the original owner.

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SEO Sai Gr. Hosp.
212503 Points Posted on 23 February 2020

Credit capital account  with the percentage share of individual in the land.

COA remains same as that paid by original owner.

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On 23 February 2020 at 09:18
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3 Points Posted on 23 February 2020
Thank you sir
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On 23 February 2020 at 09:29

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