Land Property
This query is : Resolved
04 December 2010
A person (Women) has been filing nil return for last few years
she does not have filed any Balance Sheet or Profit/Loss a/c yet with the department
now she has to obtain a home loan from the bank
so she has to show land in his balance sheet
the land is the received from ancestoral property. (Not Purchased)
Advise how can we present the same in balance sheet
she does not have filed any Balance Sheet or Profit/Loss a/c yet with the department
now she has to obtain a home loan from the bank
so she has to show land in his balance sheet
the land is the received from ancestoral property. (Not Purchased)
Advise how can we present the same in balance sheet
04 December 2010
I donot think any balance sheet is required for housing loan from bank, in this case, since the women is not doing any business.
05 December 2010
If the bankers anyhow not agreeing without Balance Sheet, you may list out all her assets and liabilities and show the balancing figure as Capital. However for the cost of land you have to refer the land documents. While preparing the balance sheet take care of unexplained assets and liabilities of the lady.
Name it Statement of Affairs as at 31.3.20xx. It may guide in future when ever requirement of Balance sheet preparation will arise.
Name it Statement of Affairs as at 31.3.20xx. It may guide in future when ever requirement of Balance sheet preparation will arise.
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