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Donation of land recevied by trust

Accounting Entries 739 views 2 replies
A Land Owner has Donated Land to a Trust having 12A and 80G Certificate,Trust  paid him  Registration Expenses of around Rs.50,000/- needed to transfer the land in the name of Trust Plus a  amount of Rs.1 Lacs to Land Owner for Donation of Land as compensation.
 
Query:-
 
1.How is to be Shown in Trust Books.The Market value of Land as Valuation by Stamp Authority is around Rs.10 Lacs
Replies (2)

Since it was paid for partly for registration., net payment can be capitalised however disclosing the market value of the asset.,ifrs-13.pl. correct me if im wrong

whether IFRS is applicable to Trusts ?.


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