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 !
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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