Residence flat value in the balance sheet of itr-4 form

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Suhel (Querist)
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07 September 2015 I own a shop where i practice my medical profession and along with that shop i own one residential flat where i live.

I do mention the value of the shop in the ITR-4 form and apply the depreciation under the category of buidling.

I do not use my residential flat for my business/profession , nor do i have any rental income out of it.

Could you please advise if Residence Flat value is to be mentioned in the balance sheet of ITR-4 Form Part A- BS or anywhere else?

If yes , then should it be mentioned under fixed assets(Gross)?

praveen

praveen (Expert)
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07 September 2015 Hi,

In case your income is more than Rs.25 Lakhs you need to fill in the details of the residence.

First prepare a balance sheet and P/L and then fill in the returns.

In case you are showing your personal assets in the financial statements you may show the same under other assets.

But in my opinion keep the business assets and personal assets seperately.
Regards

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