Personal assets in proprietary busness

personal expense debited to capital a/c weather it is capital or revinew in nature 

no..it should not be shown unless you use that personal assets for business purposes. for example if you have a residential property and you are earning house property income from such property then no necessary to show that property in business b/s but if you use the same property for business purpose then the same need to be shown in business b/s

All personal assets (property, investments even advances given) as and when the transaction is done, should be duly disclosed in the BS of a proprietor. This is helpful in case a query comes about the source of such investment.

No depreciation will be claimed on the non business assets. Also no deduction for interest will be claimed on loans taken for purchase of non business assets.

If the proprietor chooses to keep the personal assets away from balancesheet, atleast he should keep a working ready about the source of such assets(eg, gift/loan/drawings)

Thank you so much.it was really helpful.

Dear Sir

I have one more query.

After how many years, source of investment in property become non questionable by Income tax department ?

Please let me know if you are aware about it.

Thanks

as of now, investments made during f.y 2009-11 cannot be questioned

it's 2009-10