Personal proerty shown in itr-4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 Dear Sir,

Please help me in this issues,
in ITR-4 where a proprietor can shown his personal property, he has a common bank account for personal purpose as well as business purpose & he want to shown our personal property (FLAT which was taken on home loan)in ITR-4 balance sheet where he was shown this.
It was correct to see this was in fixed asset without depreciation.Because there was no column for other investment or personal asset.

Regards,
Vikas Aggarwal

Amol S Joglekar

Amol S Joglekar (Expert)
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31 July 2012 Yes. you are absolutely right. It seems that IT people are not habituated with such situations.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 July 2012 1. In a Balance Sheet only assets used for the purpose of business are to be shown.

Since the flat is used for personal purposes, it is NOT a business asset and will NOT be shown in the Balance Sheet.

2. As far as loan repayment is concerned, the amount of repayment shall be shown as drawings.

So, personal property shall NOT be shown in ITR 4.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 Very very Thanks Mr. Siddhartha. But if i cant show the property in b.s. than i think there was undisclosed investment.
If i want to disclosed both loan outstanding amt & property in b.s than where i can show.

regards,
Vikas Aggarwal.

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