Dear Experts,
A proprietor of M/s.X trading co. having assets & Liabilities are as follows.
Car - Business asset
Computer, Furniture & Fittings - Business asset
Godown - Business Asset
Residential house - Personal Asset
Agri Land - Personal Asset
Plot-Personal Asset
Jewels - Personal Asset
Jewel Loan, Housing Loan - Personal nature
Cash credit - Business purpose.
Please advise whether the personal assets & Liabilites is to be included in his balance sheet of ITR form.
Thanks & Regards,
Moorthy
CAclubindia
