Regarding how to bring the assets to accouants

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sajid (Querist)
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17 May 2010 Supposse individual wants to show his account first time to I.T. DEPT. If
1. He is having One Building, in his name.
2. He is doing business, first year net profit is in taxable limit. Rs.165000/-
3. He is having One motor vehicle, CAR.
4. He is having the cash of Rs.4lacs,
5. He is havig the jewels worth Rs.5 lacs.

Please tell me how to bring this in his accounts. Whether we have to show all in his Balance sheet or not. Please advice .
thanks.

CA Shiv

CA Shiv (Expert)
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17 May 2010 Well, you can show in balancesheet or at time of filing wealth tax return.

MAHENDRA KUMAR BAGRECHA

MAHENDRA KUMAR BAGRECHA (Expert)
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18 May 2010 Hi,

If he is using car, building etc in his business, he should show it in his business otherwise he can show it in his personal books

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