Balance Sheet
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2010
I want to Know for Income tax purpose that if there is required to show house property & Investment otherthan eligible for deduction in b/s ?
i.e
1. if i purchase a house property would i show its purchase price of land & construciton cost in balance sheet in fixed assests ?
2. if i invested in K.V.P, bank F.D, Recurring Accounts, Sahara india Investments, daily investment or any other investments which are not eligible for deduction u/s 80C ?
exlpain if you have any it rules information
thanks in advance
i.e
1. if i purchase a house property would i show its purchase price of land & construciton cost in balance sheet in fixed assests ?
2. if i invested in K.V.P, bank F.D, Recurring Accounts, Sahara india Investments, daily investment or any other investments which are not eligible for deduction u/s 80C ?
exlpain if you have any it rules information
thanks in advance
24 September 2010
For IT purposes, Balance sheet may be asked for by AO whenever he has any doubt about ur invt. in relation to ur income. when u prepare ur balance shhet, all the assets must be disclosed (for individuals) otherwise, if the asset/invt. is found later, it will be considered as unaccounted asset/invt
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- STCG FOR GOLD ETFs
- Last year TDS Claim
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
