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Detail of loan in itr

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Querist : Anonymous

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Querist : Anonymous (Querist)
31 March 2016 Dear all,
I am running propriatory firm and for personal purpose i have taken the loan Rs. 5 Lakh from my relative.. please confirm will i have to show this pursonal loan in ITR or not....

Regard
Kapil Gupta
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CA Darshan

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CA Darshan (Expert)
31 March 2016 Balance Sheet of Business and Personal Should be separate. If loan taken for personal purpose then it should disclose in personal balance-sheet and in ITR generally you have to disclose your business balance-sheet (if not covered under tax audit).
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Querist : Anonymous

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Querist : Anonymous (Querist)
31 March 2016 Sir i think in ITR we Need to show business balance and income sourses not personal loan & balance sheet
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