In my mother's balance sheet in fixed asset a land is valued at Rs.X for example.
Mother has gifted that land to her 2 sons. What amount will be entered in her son's individual balance sheet ? Will it be Rs. X/2
Son1 has purchased the same gifted land from son 2 What will be the account entries and under what head inTally?
Thanks.
1. Yes, or half of the registration value (as per circle rate)
2. Dr. Land investment" U/h. investment..... Cr. Bank..
Thanks Mr Dhirajlal.
I am new in Tally. an exmaple would be very much helpful. I do not have the circle rate and registration value. I was a kid when all that stuff happened. All I have is mother's balance sheet which has the value of fixed asset.
It was gifted few years back but handed over charge to sons last year. In the deed which was prepared the value mentioned was Rs.Y per flat.
Thanks
CAclubindia
