An assessee took out a CC limit from a Bank against mortgage of property at the beginning of the year
How to show it in Balance Sheet at the end of the year?
How much to show in liab side and how much to show in assets side?
Please help..
Thanks in advance..
value of property acquired on the asset side under mortgage property against CC (under Fixed Assets)
Value of CC to be shown in liabilities side under unsecured loan.
Property mortgaged with bank for CC to be shown as an asset?
Just confirming
| Originally posted by : CA PuRvI M!$rA | ||
 |
Property in asset side and CC loan as Secured loan in liability side. |  |
Ma'am..
It's a personal residential property of the assessee that has been mortgaged with the bank for availing CC..
Can we show it under assets side in a business balance sheet or should we prepare a merged personal & business balance sheet for the same?
The property mortgaged is a residential property..
Assessee operates his business from home..
So.. Should the property being shown as Assets in Balance sheet?
Should the property be shown at ACQUISTION & CONSTRUCTION COST (Land & Building)?
| Originally posted by : Ajit Hegde | ||
|
If business is in your name i e, proprietorship, there will be a single balance sheet and single return to be filed for the PAN. If the income is below 50 lakhs and the property is not used for business purpose purpose, you need not show the asset in the balance sheet. Showing unsecured loan will suffice. | |
Is there any ruling or act which exempts proprietor if his income is less than 50 lakhs from showing property in balnace sheet, which is being used for personal purpose?
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