Soumya Laha (Advocate & Tax Consultant) (4693 Points)
30 May 2019Suppose 'A inherited some movable properties such as Cash, Fixed Deposits, NSC, KVP after his father's death. 'A' is only legal heir and transferred his name in all movable properties. Now how 'A' will show his inherited movable properties in his Balance Sheet ?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160337 Points)
Replied 31 May 2019
If the accounts are maintained for business transactions only, without personal effects, no need to declare them.
But if personal/capital account included in it, you can declare it with capital being increased to that much amount.
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