If Any Taxpayer Is Taking A Gold Loan,Then Is It To Need To Show The Gold Value As Asset?

This query is : Resolved

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If you take out a gold loan, you must declare the loan amount as a liability on your balance sheet. The value of the gold itself should also be shown as an asset, as it remains your property. If the gold wasn't declared as an asset in previous years, it should be included now. If the loan is secured against your spouse's gold, the loan appears on your liabilities, but the gold asset should be reflected on your wife's balance sheet.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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12 September 2024 SIR/ MADAM , IS ANY TAXPAYER IS TAKING A GOLD LOAN , THEN IS IT TO NEED TO SHOW THE GOLD VALUE AS ASSET IN BALANCE SHEET?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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12 September 2024 Yes.
He can declare loan amount as liability.

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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13 September 2024 Sir, Gold Loan Amount will put in Liability side. it is clear.
Q1) But , will Gold Value need to put in Asset side?
Q2) if, there was not put The Gold value in Last Account / Last year balance sheet , Then is it mandatory to Show the Gold Value in Asset side?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 September 2024 1. Yes. it is your asset, not sold off.
2. Yes. Then, how was it deleted from earlier B.S.?

BISWAJIT MAIKAP

BISWAJIT MAIKAP (Querist)
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13 September 2024 Thank you very much sir
one Last question more,
Q. if , client has not any gold , but he takes a gold loan from bank against his wife's Gold jwellery,
Then the gold loan will show on his Loan liability, But when he has not any own gold, so can he show only gold loan in Liability side with out put the Gold value in his Assets side in the balance sheet?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 September 2024 Yes, but the gold investment should reflect in his wife's BS.

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