Revised schedule vi query

To my knowledge gift received you need not consider for accounting as per companies act and in revised sch VI you have to check nature wise not product any way this gold coin gift will not affect your balance sheet only income tax part you have to check if any requirement is there under companies act let me know under which section and how to account such gifts in business concerns.

Hello,

As per my Knowledge, it will not form part of your accounts 

because it will not create any asstes or income for the purpose of accounts.

yes it has to be considered under wealth tax if assesse is eligibla for wealth tax return otherwise it will not reflact 

but still if you want to recognised as income you have to take notional value & that value is going to get from the recognised valuer .

Thanks