I had purchased a flat in 2004 for ₹6 Lakh with a home loan. The loan repayment was done fully by 2014. Now I notice that my balance sheet does not show this property in the assets column. I believe it was an error by my tax consultant. I have been filing my income tax returns as a business/professional. I have been an ex-serviceman since 1999 and get a pension. Is there any way I can declare the same now? If so how?
It seems you are talking about the balance sheet prepared for your business entity which is required to be submitted as part of the ITR for your business. Please note that two separate balance sheets can be prepared- one your personal balance sheet as an individual and the other for your business entity if you are maintaining books of accounts both for your individual transactions as well as for your business.
The one prepared for your business will have assets and liabilities relating to your business only. The personal balance sheet will have details of your personal assets and liabilities including your capital in the business entity. So there is no question of the residential flat acquired by you in your personal account reflecting in the balance sheet prepared for your business entity. It seems your personal balance sheet has not been drawn separately so the confusion. Your flat is required to be shown in your personal balance sheet. You can get your personal balance sheet drawn with old records.
The details of assets shown by you in personal capacity are not required to be submitted to tax department in the ITR unless your taxable income exceeded 50 lakh in a year. So there is no way to show your flat in your ITR unless your taxable income exceeds the threshold limit applicable. I would advise you to get your personal balance sheet drawn year after year based on your assets and liabilities. This will help you in knowing exactly about your net worth and particulars of various investments made by you. This will also help you in estate planning.
