If Any Taxpayer Is Taking A Gold Loan,Then Is It To Need To Show The Gold Value As Asset?
This query is : Resolved
12 September 2024
SIR/ MADAM , IS ANY TAXPAYER IS TAKING A GOLD LOAN , THEN IS IT TO NEED TO SHOW THE GOLD VALUE AS ASSET IN BALANCE SHEET?
12 September 2024
Yes.
He can declare loan amount as liability.
He can declare loan amount as liability.
13 September 2024
Sir, Gold Loan Amount will put in Liability side. it is clear.
Q1) But , will Gold Value need to put in Asset side?
Q2) if, there was not put The Gold value in Last Account / Last year balance sheet , Then is it mandatory to Show the Gold Value in Asset side?
Q1) But , will Gold Value need to put in Asset side?
Q2) if, there was not put The Gold value in Last Account / Last year balance sheet , Then is it mandatory to Show the Gold Value in Asset side?
13 September 2024
1. Yes. it is your asset, not sold off.
2. Yes. Then, how was it deleted from earlier B.S.?
2. Yes. Then, how was it deleted from earlier B.S.?
13 September 2024
Thank you very much sir
one Last question more,
Q. if , client has not any gold , but he takes a gold loan from bank against his wife's Gold jwellery,
Then the gold loan will show on his Loan liability, But when he has not any own gold, so can he show only gold loan in Liability side with out put the Gold value in his Assets side in the balance sheet?
one Last question more,
Q. if , client has not any gold , but he takes a gold loan from bank against his wife's Gold jwellery,
Then the gold loan will show on his Loan liability, But when he has not any own gold, so can he show only gold loan in Liability side with out put the Gold value in his Assets side in the balance sheet?
13 September 2024
Yes, but the gold investment should reflect in his wife's BS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Errors in lTDS FORM 26 QB FILING FOR Last instalment payment FOR HOUSE PROPERTY PURCHASE
- Regarding Capital gain of NRI
- Tax liabilty for a Indian person stay abroad earning salary in foreign country and paying tax as per
- TDS on Purchase of Property From NRI after 23.07.2024
- Reg Correction Form 15CB & 15CA
- TDS deposited by party after the filing of income tax returns
- Address Proof Required Gst Registration in UP
- LATEST NOTIFICATION RCM ON RENT
- RCM liability / ITC statement
- Cancel of form 102 without transfer
- Appeals pending - time limit
- How to re-claim and offset the ITC in 3B rtn.
- How to determine Holding period of shares in the case of ( Listed shares)
- How to capital Gain in the case sale of shares after after right issue (STCG and LTCG)
- Capital in the case of sale of shares after Merger or Demerger
- Adjusted from Capital account
- AMT PAYABLE UNDER VIVAAD SE VISHWASH SCHEME 2024
- Need SAC and HSN code and which under itis consider
- GSTR9 LIABILITY
- GSTR9C Turnover 1
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
