Treatment of cc against property in balance sheet?

This query is : Resolved

Tax (Querist)
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17 March 2017 An assessee took out a CC limit from a Bank against mortgage of property at the beginning of the year

How to show it in Balance Sheet at the end of the year?

How much to show in liab side and how much to show in assets side?

Please help..

Thanks in advance..

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 March 2017 Show CC utilised under secured loan closing balance in liability side, no change in Asset side.

Tax

Tax (Querist)
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18 March 2017 The property is a residential property..

Assessee operates his business from home..

So..

Should the property being shown as Assets in Balance sheet?

Should the property be shown at COST (Land & Building)?