Regarding personal home loan in business balance sheet


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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 One of my client taken a home loan for construction of house it admissible to appear in business balance sheet (as home loan in Liability side and Building Construction in asset side)

Is it correct?

06 July 2017 Yes it is correct

06 July 2017 But personal loan should be shown in personal BS

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2017 Here my client taken loan for home which is purely personal sir

06 July 2017 Than show it in his personal file and not in bussiness file

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 July 2017 He is filing only one business return not filing any personal return then how sir ? Plz explain me in detail how they file in those cases

07 July 2017 You have to prepare 2 BS & PL for your client. 1st one is for business & 2nd one is for personal. Than file the bussiness BS & PL in ITR and only income figure from personal PL to ITR. Note : No need to file personal BS in income tax


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