A/cting treatment for property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2012 A non - depreciable residential asset was purchased by an assesse before submission of his first IT return as a Proprietor of firm & now he want to disclose such asset in hs account books .i.e. after 15 years approx. then what will be the accounting treatment for such asset to show it in the Balance Sheet of Current period. Also, if such asset is now disclosed in account books then will there be any risk or tax on such price of property, if such mistake is discover during scrutiny by the Assessing Officer?

Also, render me the time period for revision of any IT return?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 The property is a personal property and will appear in the personal Balance Sheet of the owner.

The Balance Sheet of the business will not include such property because it does not belong to the business.

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 But if the assesse maintains only business IT return & wants to disclose such personal asset in its business balance sheet then what will be its treatment in account books?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 Building A/c Dr
Capital A/c

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