Charitable Trust registered u/s 12- Tied up and in kind donation

[Sanjeev Sharma]

1.If donation is in kind being a piece of land or ambulance and food items, how to account for them in books ?? and what is the tax treatment ?? 2.Is donation in kind or donation for capital assets are treated as Corpus donation? 3.How to account for donation for specified purposes – for capital items ( say land or ambulance) and for other trust objects, which are specified by donor- say for books or for blood camp ?? And what is the tax treatment ?

[Surender Gupta]

May I request you to please put your own views to this query, how you look into this aspect and treating the same for the purpose of taxation.

AI Summary

Donation in kind tax treatment: classification and accounting determine whether gifts form corpus or restricted charitable receipts. Tax and accounting issues concern how in kind donations (land, ambulance, food) and donations for capital items should be recorded and whether such contributions constitute corpus or restricted receipts; the classification affects ledger treatment, valuation, and tax recognition when donors specify purposes for use.