Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2015
My son is in USA and is NRI. He has given me a car on account of gift and simultaneously he is the co-owner of the car also. But the car he has purchased in my name. How to show this entry in my books of account. (1)Debit shall be given to Car on account of fixed assets and credit shall be given to my capital account. Am I right sir,
13 June 2015
You are right.
That is the right treatment in books.
That is the right treatment in books.
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