Consideration of Gifted Property Value in Balance Sheet

The society member is already a creditor in the books and it is rightful to credit his account like you did. But you have forgotten that it is a gift and if he is given the credit, the company still owes him that property as due as per the balancing equation. There is another dual aspect entry which can  be followed here to set things right.

Donation Asset a/c 39

Tax expense a/c 10

To Donation Received a/c 39

To tax payable a/c 10

I know one must be wondering why did I bring and into revenue expense into  profit and loss. Then you can do it this way, 

in equity increase the members account

Asset a/c 

To member/creditor a/c

now reduce the member a/c

Member/creditor a/c

To Donations a/c

Besides, my first entry was also not wrong: How to Do a Journal Entry for a Donation of Land (bizfluent.com)