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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Two seprate Invoice needed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
