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.

[Guest]

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

[Guest]

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

Proprietorship seeks guidance on reporting personal property and home loan in ITR-4; disclosure debated for tax clarity. A proprietorship seeks advice on how to report personal property and a home loan in the ITR-4 balance sheet, as they use a common savings account for both personal and business transactions. A chartered accountant suggests classifying the property under fixed assets and the loan under loan funds in Part A-BS. Another participant questions the necessity of disclosing personal property in ITR-4. It is clarified that while not mandatory, failure to disclose could lead to it being considered an undisclosed investment, although this concern is not definitively resolved.