Gift entry

Following entry in books of grand daugher.

Debit FD Account( it will appear in current asset group) 

To Gift (it will  be shown in capital account in credit side)

Following entry in books of grand daugher.

Debit FD Account( it will appear in current asset group) 

To Gift (it will  be shown in capital account in credit side)

Thanks sir for replying. But what will be accounting entry in the books of grand father? 

Thanks sir for replying. But what will be accounting entry in the books of grand father? 

One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...

GIFT DEBIT

TO BANK CREDIT..

(No second entry..only you need to give second effect of bank entry).

One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...

GIFT DEBIT

TO BANK CREDIT..

(No second entry..only you need to give second effect of bank entry).

One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...

GIFT DEBIT

TO BANK CREDIT..

(No second entry..only you need to give second effect of bank entry).

One entry will be in credit side of bank for issuing cheque in favour of bank .And debit will be to capital account ..you can name this ledger as Gift...

GIFT DEBIT

TO BANK CREDIT..

(No second entry..only you need to give second effect of bank entry).

Thankd rajesh sir for replying. Can grand father get deduction under income tax??

No.. Grandfather cannot claim deduction.