Itrs 4s
This query is : Resolved
Sunil kumar
(Querist)
09 December 2016
Dear Experts,
Iam filing ITR 4S for the FY 2015-16 and client want Balance Sheet as at that date... but my question is that he have house property but it was not registered. the property is notarized by the client and the purchase value is given in the document. I want to know that can i show this property in his Balance Sheet and there is any drawback if i show this property for b/s purpose ?????
kindly suggest the best option i can do...
Iam filing ITR 4S for the FY 2015-16 and client want Balance Sheet as at that date... but my question is that he have house property but it was not registered. the property is notarized by the client and the purchase value is given in the document. I want to know that can i show this property in his Balance Sheet and there is any drawback if i show this property for b/s purpose ?????
kindly suggest the best option i can do...
Amol S Joglekar
(Expert)
09 December 2016
You can show the said house property in the balance sheet, if the said is owned by the assessee. (You can refer section 53A of the Transer of Property Act for your benefits)
CA Suresh Jain
(Expert)
09 December 2016
I would rather say that you should show the property. Another piece of advice though not asked by you that you should advise your client to register the property immediately to save himself from the legal problems including penalty under Indian stamps Act and Registration Act. etc.
Sunil kumar
(Querist)
09 December 2016
Dear Experts,
Kindly also suggest if the unregistered property will be sold out by the assessee in future than what will be the treatment in this case...
as the property is not registered than capital gain will be computed or not... if yes than how will i computed as there is no registery only power of attorney available...
Kindly also suggest if the unregistered property will be sold out by the assessee in future than what will be the treatment in this case...
as the property is not registered than capital gain will be computed or not... if yes than how will i computed as there is no registery only power of attorney available...
Amol S Joglekar
(Expert)
09 December 2016
Capital gain will arise on the sale of the said property
CA Suresh Jain
(Expert)
09 December 2016
Yes capital gain will arise
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