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Car purchased out of business income

Others 200 views 3 replies
If business income is withdrawn from business and out of that income, personal assets such as car or ornaments for personal use is purchased than while filling ITR 3 will the Balance Sheet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
Replies (3)

No. Personal assets are not reflected in business accounts, when separate accounts are maintained for both.

Thank you sir.

U R welcome ..                                          


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