Liability of tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2014
DEAR,
STORY : If a person borrowed loan for house construction of Rs. 10 lakh from the bank and he starts construction. he thought he will complete construction with 10 lakh. but the value of construction goes to 25 lakh. then he managed the 15 lakh Rs. from his other source of income that he did not showed yet but it is his own income.
Qu : so which amount should he show in balance sheet and how should he manage his balance sheet so as to solve this issue?
pls say in detail
STORY : If a person borrowed loan for house construction of Rs. 10 lakh from the bank and he starts construction. he thought he will complete construction with 10 lakh. but the value of construction goes to 25 lakh. then he managed the 15 lakh Rs. from his other source of income that he did not showed yet but it is his own income.
Qu : so which amount should he show in balance sheet and how should he manage his balance sheet so as to solve this issue?
pls say in detail
Amol S Joglekar
(Expert)
10 November 2014
the true and fair balance sheet should include the cost as 25 and not otherwise. Any practice to do so should be curbed ab initio.
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