Dear Sir/Madam,
If a person buys a new house, then where that amount is to be shown in Balance Sheet of ITR-4 form ? Can it be shown in GROSS BLOCK in Balance Sheet of ITR-4 form ?
Awaiting your reply.
Thank you.
Romeo (Working) (87 Points)
13 November 2016Dear Sir/Madam,
If a person buys a new house, then where that amount is to be shown in Balance Sheet of ITR-4 form ? Can it be shown in GROSS BLOCK in Balance Sheet of ITR-4 form ?
Awaiting your reply.
Thank you.
Arpit Kakar
(Article)
(161 Points)
Replied 14 November 2016
According to me:
1)If House is purchased for Business/Pofession, then it should be shown as gross block and depreciation should be claimed on it.
2)If purchased for personal purpose then no need to show it in gross block.
Romeo
(Working)
(87 Points)
Replied 14 November 2016
Thank you Mr. Arpit Kakar and Miss Madhavi Pandit for your quick and accurate replies :)
This house is for personal use only n its my first house :)
So is it OK to show this amount in GROSS BLOCK in Balance sheet of itr4 without any depreciation ? :)
Awaiting your reply.
Thank you.
CAclubindia
