Property

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jui mondal (Querist)
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18 August 2011 FLAT WAS BOOKED FOR RS. 1200000 ON 2005. FROM 2005 TO UPTO 2011 PAYMENT MADE FOR THAT FLAT MORE THAN RS. 5000000 THROUGH BANK.BUT NO ASSETS SHOWN IN THE BALANCE SHEET FROM 2005 ONWARDS... NOW IT IS REQUIRED TO SHOW IN THE BALANCE SHEET OF 2011 THE FULL VALUATION OF ASSET AS PER INCOME TAX PURPOSE. PLZ ADVICE ME THE WAY OUT TO SHOW THE ASSETS OF Rs. 7000000 (APPRX) IN THE BALANCE SHEET 2011..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 August 2011 IS THE ASSESSEE A SALARIED EMPLOYEE?
IF YES, THERE IS NO NEED TO PREPARE BALANCE SHEET.

IN CASE OF THE PERSON ENGAGED IN BUSINESS-
FROM WHERE THE AMOUNT HAS BEEN ARRANGED, MEANS SOURCE OF INVESTMENT AND HOW THE AMOUNT PAID FOR FLAT HAS BEEN SHOWN?

PLEASE SPECIFY BRIEF HISTORY OF THE CASE.

jui mondal

jui mondal (Querist)
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19 August 2011 the first payment was made in 2005 Rs.800000 but due to some misconception in accounting entry that amount was charged to loans and advances in the name of the proprietor of the Firm.. from 2006 to 2011 time to time payment was made from propritor's bank account but the amount was never shown under the head of Fixed Asset but some amount was shown in Loans and Advances and some portion was debited to profit & Loss account charging as revenue expenses.. But the Actual valuation of the Assets is more than Rs. 5000000 as on march 2011. Now here the problem is how the asset can be shown in the Balance Sheet ??

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