Itr - schedule al

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2017 Dear Experts.,

Regarding In ITR 4 - Schedule AL...

1. What is the meaning in the Schedule AL in ITR...?
2. Who can use this Schedule AL...?
3. What are the eligibility if Use this Schedule...?
4. Which assets are covered in this section...?
5. In this section covered any income computation...?

Please solve this doubt...

Thanks in ADVANCE

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 January 2017 1 It is asset and liability schedule.
2 Any person can use the schedule but it is compulsory for those earning total income exceeding 50 lacs.
3 No eligibility.
4 All assets other than those disclosed in the balance sheet has to be disclosed in the schedule.
5 No income computation under this schedule. This is only for the purpose of disclosure of assets held.

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2017 Thank you for the reply SIR.,

If a Assessee having business income Rs.10,00,000/-. He have a house Rs. 20,00,000/- under Housing Loan. He Filing his ITR AY 2016-17, This is the first time his file ITR.
He can show his house property under this category...? It's must or Not...?
If yes, Which column will show this...?
If No, How to show the House property in ITR...for disclosure the House...?

Please reply Sir...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 January 2017 It is not a must but he can show his house under this schedule under the building column.

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2017 If i Show the House...
Which value I show.... Market Value or Actual Value...?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 January 2017 Show actual value.........................

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2017 Thank You SO Much SIR...