Capital account for photographer

Capitalize the fixed assets i. e. Camera with accessories of Rs. 400000/- and claim depreciation.
In thid case we make entry as:
Fixed Assets A/c…………….Dr. 400000                 
To Gift received A/c. 400000

Gift received A/c…………….Dr.                 
To profit and loss account A/c
And note Gift received from relatives are exempt from income tax.