IT Return - Include Old purchases in assets ?

siddharthr · Post by **siddharthr** » Mon Sep 03, 2018 12:34 am

While filing for return (India), I would like to ask how appropriate it is to include purchases made 2-4 years back in assets column while filing.

Eample: Mobile purchase 3years back, Computer purchased 2 years back etc etc...

post_r2i06 · Post by **post_r2i06** » Mon Sep 03, 2018 8:58 am

For personal income tax - Assets should include real estate, automobiles(cars, 2wheelers, boats, planes), jewellery(gold, silver, diamond, platinum), paintings(arts),shares, fixed deposits, Life insurance policies.

Computer, mobile, cloths,furniture etc need not be considered.

If you have business - computer, mobile etc are to included in business Balance Sheet along with depreciation.

siddharthr · Post by **siddharthr** » Wed Sep 05, 2018 3:05 pm

post_r2i06;680180For personal income tax - Assets should include real estate, automobiles(cars, 2wheelers, boats, planes), jewellery(gold, silver, diamond, platinum), paintings(arts),shares, fixed deposits, Life insurance policies.

Computer, mobile, cloths,furniture etc need not be considered.

If you have business - computer, mobile etc are to included in business Balance Sheet along with depreciation.

Got it Thx :D