Personal asset shown in ITR-4

[Vikas Aggarwal]

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 personal, 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

[CAGOPALJI AGRAWAL]

It would be classified in Part A-BS itself under the head loan funds and fixed assets.

Is it necessary to show personal property in ITR 4 balance sheet..

[Vikas Aggarwal]

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

It can be shown in Part BS. Under fixed asstes and if 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.

AI Summary

Disclosure of personal property in proprietorship returns: treat the asset as fixed asset and the loan as loan funds.
A sole proprietor need not necessarily disclose a personal residence in the ITR 4 proprietorship balance sheet; if disclosed in Part A BS, the property should be classified as a fixed asset and the corresponding home loan shown under loan funds. Omission may raise concern about undisclosed investment, though ITR1/2 do not require personal asset disclosure.