05 February 2011
Please help me with the solution.
Compute the net wealth of R from the following details as on 31-03-2011 for the assessment year 2011-12. The individual is engaged in the business of processing and selling of gold and silver articles and ornaments in india and outside india: Bank Balance : 430000 unaccounted cash balance: 70000 Gold Articles 2500000 Jewellery made of silver 1400000 Guest House 3500000 Motor cars 640000 Factory Building 800000
R has taken a loan of Rs.800000 by mortgaging guest house for purchasing factory building ?
07 February 2011
bank balance ==0.00 =not an asset un a/ced cash==20000= in excess of rs50000 gold articls ==00==stock in trade silver ==00==stock in trade guest house ==00== one house exemption motor car ==640000== asset u/s 2(ea)(i) factory bldg ==00= excetion 3 u/s 2(ea)(i)
CAclubindia
