Schedule Assets & Liabilities

ITR 260 views 9 replies

Mahadevan Krishnan

9 Points Joined July 2024

I am looking to submit schedule of Assets and Liabilities as my income exceeds the limit specified for this fiscal year for the first time and I have the following questions

For insurance premiums, how should I declare? Should I declare the premium's paid until now?
I have invested in deposits over the years and I have been paying tax on the interests received from the deposits always. But given that this is the first time submitting assets and liabilities schedule, deposit numbers may bloat up and may be more than the Time deposits purchased this year since earlier ones were multi year deposits. Was curious if there will be questions?. Should I be declaring the present balance from all these deposits as on Mar-31-2024 and not the original principal when they are multi year?
For Gold, I did not buy a lot. Many of them were given to my wife by in-laws during marriage. Should I be showing all those gold as my assets or can be ignored since it was given to my wife and she should only show? I do not have exact details of year when I purchased Gold. If I declare the costs as on today, it will already be appreciated cost. What should I do?

Replies (9)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197075 Points Joined July 2016

1. No need to declare that. 2. Present balance of deposits as on 31 march,2024. 3. It may be considered as wife's assets, once and for all.

Thank you. One follow up question 1. Wont there be questions for not declaring LIC premium? 2. For question on Gold, she does not come under tax bracket as she was home maker until now. I was clubbing her income and showing any interests she was earning into my tax returns. Should we still consider this as her asset and not declare anything?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197075 Points Joined July 2016

1. LIC premium is not declared under Balance sheet, it is considered as expenditure. 2. If it is your asset or if you are owner of the Gold, you must declare. 3. You & your wife are two different identities for ITD, both PANs differ. If she is owner, it will not reflect in your BS.

Mahadevan Krishnan

9 Points Joined July 2024

Thanks again. One last question. Though it is expenditure, we get returns after few years from it right similar to other deposits for LIC?

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

197075 Points Joined July 2016

LIC or any insurance claim or amount received on its redemption is added to capital in the year of receipt, and its tax liability, if any, is also assessed in the relevant year.

Mahadevan Krishnan

9 Points Joined July 2024

How should we declare the cost of shares and securities we hold. I have bought certain shares 15 years back and I have never sold any of them. Should I declare market value as on 31-Mar-2024. It will be appreciated value.