Land Property

This query is : Resolved

Abhishek Agarwal (Querist)
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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

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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