Asset & Liability Calculation ITR1

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  1. dropify

    dropify New Member

    Hi, I need to compute asset value that I need to fill in ITR1 (AL section). I understood that all the value has to be computed based on cost value. I have two queries

    1- I own the house jointly with my wife so should the asset value reflect that i.e. If my home cost around 50 lakhs and my wife paid 50% of the amount, so should I just quote 25 lakhs as the home asset value.
    2 - I own two cars on my name but for one of the cars 70% of the amount was paid by my wife. Should this also reflect in the asset?
    3- What does "Cash in Hand" refer to? I hope just the cash that I have and not the amount in bank.

    Thanks in advance.
    Last edited: Jul 26, 2016
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