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Querist : Anonymous

Querist : Anonymous (Querist)

05 February 2011 Please help me with the solution.

Compute the net wealth of R from the following details as on 31-03-2011 for the assessment year 2011-12. The individual is engaged in the business of processing and selling of gold and silver articles and ornaments in india and outside india:
Bank Balance : 430000
unaccounted cash balance: 70000
Gold Articles 2500000
Jewellery made of silver 1400000
Guest House 3500000
Motor cars 640000
Factory Building 800000

R has taken a loan of Rs.800000 by mortgaging guest house for purchasing factory building ?

CA Jeen paul

CA Jeen paul (Expert)
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07 February 2011 bank balance ==0.00 =not an asset
un a/ced cash==20000= in excess of rs50000
gold articls ==00==stock in trade
silver ==00==stock in trade
guest house ==00== one house exemption
motor car ==640000== asset u/s 2(ea)(i)
factory bldg ==00= excetion 3 u/s 2(ea)(i)

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