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

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.