Do I’ve to reveal property in ITR? What are the earnings tax guidelines?

I had bought a flat in 2004 for ₹6 Lakh with a house mortgage. The mortgage reimbursement was completed totally by 2014.  Now I discover that my stability sheet doesn’t present this property within the property column. I imagine it was an error by my tax marketing consultant. I’ve been submitting my earnings tax returns as a enterprise/skilled. I’ve been an ex-serviceman since 1999 and get a pension. Is there any means I can declare the identical now? If so how?

It appears you’re speaking in regards to the stability sheet ready for your enterprise entity which is required to be submitted as a part of the ITR for your enterprise. Please word that two separate stability sheets will be prepared- one your private stability sheet as a person and the opposite for your enterprise entity if you’re sustaining books of accounts each to your particular person transactions in addition to for your enterprise. 

The one ready for your enterprise could have property and liabilities referring to your enterprise solely. The private stability sheet could have particulars of your private property and liabilities together with your capital within the enterprise entity. So there is no such thing as a query of the residential flat acquired by you in your private account reflecting within the stability sheet ready for your enterprise entity. It appears your private stability sheet has not been drawn individually so the confusion. Your flat is required to be proven in your private stability sheet. You can get your private stability sheet drawn with outdated data. 

The particulars of property proven by you in private capability will not be required to be submitted to tax division within the ITR until your taxable earnings exceeded 50 lakh in a yr. So there is no such thing as a option to present your flat in your ITR until your taxable earnings exceeds the brink restrict relevant. I might advise you to get your private stability sheet drawn yr after yr primarily based in your property and liabilities. This will make it easier to in figuring out precisely about your web price and particulars of varied investments made by you. This will even make it easier to in property planning.

Balwant Jain is a tax and funding professional and will be reached on jainabalwant@ gmail.com and @jainbalwant on Twitter

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