If business income is withdrawn from business and out of that income, personal assets such as car or ornaments for personal use is purchased than while filling ITR 3 will the Balance Sheet schedule under head PGBP will include such personal assets or not???
ABOVE QUERY IS RELATED TO PROPRIETORSHIP FIRM
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Car purchased out of business income
Replies (3)
No. Personal assets are not reflected in business accounts, when separate accounts are maintained for both.
Thank you sir.
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