Acscounting entry

suba suba (1 Points)

22 April 2021  

My father purchased a property in 2010 for a value of rs. 1 lakh. he gifted me in 2020. The  market value of the property is rs. 5 laksh During 2020, i have to pass entry in 2020. what will be cost to entered ? whether market value at the time of receiving as gift or the purchase price at the time when my father purchase the said property?