watch_later 01/03/18

I want to file my father's ITR for assessment year 2017-18. He is a businessman and also have agriculture income so I am going to file ITR-3 and uploading details of P&L and Balance Sheet.

My Question is whether should I show personal assets in balance sheet , such as residential house and agriculture land? 

Thanks in advance !

1 Response | Latest response: 02/03/18 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 02/03/18

Assets has to be declared if income is more than 50 lakhs otherwise no need to show. Normally people have habit of making a balance sheet including all personal assets in it.

I will suggest to have 2 balance sheet one for business and another for personal assets. Show only business assets to keep it simple and clean.


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