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Where to show new house bought in itr-4 form ?

Tax queries 371 views 3 replies

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.

Replies (3)

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.

 

If the person is an individual, then it is necessary that the house appears in his balance sheet. Where else can we put it as it is a fixed asset? We have to show it in Gross block.. but don't claim any depreciation on it.

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.
 


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