Personal asset shown in ITR-4

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..... Personal asset shown in ITR-4
Query (Issue) Started By: - Vikas Aggarwal Dated:- 31-7-2012 Last Reply Date:- 16-8-2012 Income Tax
Got 4 Replies
Income Tax
Dear Sir, Please help me in this issue, A proprietorship want to show his personal property in ITR-4, where he show this property in ITR-4 balance sheet cloumn. (Actually he has common saving a/c both for business as well as pers .....

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..... onal, means he was no taken seperate bank a/c for business). He has taken home loan & want to show his home loan & property in balance sheet. What is the treatment & where he shows this proerty as well as loan in balance sheet. Regards, CA Vikas Aggarwal Reply By CA GOPALJI AGRAWAL: The Reply: It would be classified in Part A-BS itself under the head loan funds and fixed assets. Reply By Ch .....

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..... etan Oswal: The Reply: Is it necessary to show personal property in ITR 4 balance sheet.. Reply By Vikas Aggarwal: The Reply: Dear Mr. Chetan, It is not neccesary but if i want to show it than where it can be shown, and if i cant show it than it may be undisclosed investment. Regards, Ca Vikas Aggarwal Reply By Chetan Oswal: The Reply: It can be shown in Part BS. Under fixed asstes and if .....

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..... loan is take needs to be added under loan funds as well. Regarding it being considered as undisclosed investment if not shown. I am not very sure. But even ITR2 or ITR1 doesnt ask for any disclosures of personal assets, but even they may have personal assets so does it become as undisclosed investment for them also.
Discussion Forum - Knowledge Sharing .....

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