Desperate balance sheets
This query is : Resolved
06 April 2017
I am a proprietor and have shown a combined b/s for my business and personal assets. My assets comprise of my house and car. I have claimed depreciation on car and not on my house for business. But the same is shown as combined in fixed assets in the b/s. Kindly tell me the implications of this. And how should I rectify this now to show only business assets in the balance sheet.What happens if u sell my house now. What will be the implication
06 April 2017
For a proprietor it doesn't make any difference whether house is included in the balance sheet or not. If you sell the house it will not be a business profit but only a capital gain.
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
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Forgot to update debit note in gst
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Sale of Gold ornaments
- Ca final exam registration may-26
- Accounting Policies changes
- Running non ac bus under contract with roadways
- GST ITC on Liquidated damages
- GST ON FOREIGN CLIENT
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
