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| Originally posted by : anjali | ||
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HOW A PROPRIETOR CAN SHOW HIS HOUSE PROPERTY IN BALANCE SHEET IF HE HAS NOT SHOWN IT BEFORE IN ANY OF THE PREVIOUS FINANCIAL YEAR OF WHICH RETURN FILED |
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HousE property dr
to capital acct
So In case the property is the Proprietors personal wealth, he need not show it in the Balance sheet of the business.
if he want to show then/?
One has to concider the Time Span of the business of proprietor ie how old is the business, the purchase date of property, the amount involved and etc.
regardless of house property being personal wealth?
If u dnt want to consider personally assets then also..dnt worry.
as per my view we should show all assets n liab.in ITR.
As per my opinion show all the assets and liabilities in the balance sheet of properietor. Dont provide depreciation on personal asset.
You can show it in the balance sheet as capital contribution,but please keep supporting ready as when audit activity is done you have to show the proof for capital introduction.
Sir what type of supporting.please explain
hi,
If you are showing the house property under the head investment the documents like legal deeds of house property index copy for the same.
You need proof like the purchase deed. And also proofs of sources fund used to buy that house property etc. In case if it amounts to holding of more than one house property provided you have offered deemed let out income from house property.
You can show it in business as capital contribution by crediting capital account with a debit to asset account.
No depreciation can be claimed on the same unless its is being used for the business purpose.
Incase if the assesse is required to fill in schedule AL, make sure you do not include the so introduced asset in that schedule.
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