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
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. (AI Summary)
TaxTMI 
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TaxTMI 
