Romeo (Working) (87 Points)
21 November 2016Dear Sir/Madam,
If a person buys a house for living, then where that amount is to be shown in Balance Sheet of ITR-4 form ?
1) Can it be shown in GROSS BLOCK in Balance Sheet of ITR-4 form ? If yes, then it must be shown with or without Depreciation ?
2) If it cannot be shown in GROSS BLOCK, then where it must be shown in balance sheet of ITR-4 form ?
Please kindly guide me.
Awaiting your reply.
Thank you.
Mayank Ahuja
("Learner")
(586 Points)
Replied 21 November 2016
Dear Mr. Romeo,
As i believe house is purchased for self occupied, which is personal in nature. Whereas In ITR we prepare BS for Business OR Profession Firms. So its Out of ambit from ITR.
But the same can be shown under Personal BS for purpose f Networth Calculation as non depriciable asset.
Views of Other Members are also welcome.
Mayank Ahuja
("Learner")
(586 Points)
Replied 21 November 2016
Dear Mr. Romeo,
As i believe house is purchased for self occupied, which is personal in nature. Whereas In ITR we prepare BS for Business OR Profession Firms. So its Out of ambit from ITR.
But the same can be shown under Personal BS for purpose f Networth Calculation as non depriciable asset.
Views of Other Members are also welcome.
Romeo
(Working)
(87 Points)
Replied 21 November 2016
Thank you Mr. Mayank Ahuja for your quick and accurate reply.
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