My father purchased a property in 2010 for a value of rs. 1 lakh. he gifted me in 2020. The market value of the property is rs. 5 laksh During 2020, i have to pass entry in 2020. what will be cost to entered ? whether market value at the time of receiving as gift or the purchase price at the time when my father purchase the said property?
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Acscounting entry
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Cost will be the cost of acquisition of the property at which the property is purchased as per Capital Gains.
In entry you might use market value
In entry you might use market value
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