kalpesh (Student) (43 Points)
18 August 2009Can a company construct a temple hall and give it as donation.....
is that donation under section 80G
How can the construction expenses be booked at the time of construction of temple in the company accounts.
Also at the time of transfering it as donation what documents must be received from the other party for claiming it as a deduction.......
Sandeep Marathe
(CA Final)
(423 Points)
Replied 21 August 2009
as per Sec. 80G donation deduction can be claimed only & only if it is given in monetary term. So non-monetary or in kind donations can't be allowed as deduction, if ur query is relating to claiming deduction.
Now in ur query, AS-7 Construction Accounting will rule. actual expenses booked or borne must pass through P&L A/C
CAclubindia
