Help needed for entering leased car information in income tax return

[mahsood1]

i am confused as to how and where put the car leasing information in my income tax return. i put car value in assets though its in banks name and the loan remaining on 30 june in liabilities. now what about the downpayment and installments paid already?

[nifiii]

Show the total value of car in assets, and show the remaining amount in liabilities (Credit) and enter bank info like NTN or CNIC if there is. The downpayments and the installments paid doesn’t need to be entered, however you need to enter those, enter them in code 7087. I did the same. The form doesn’t have any area to enter these payments

[mahsood1]

would adding it in 7087 not mean that the amount was lost in expenses and did not contribute to asset formation?

[ashbal]

I think you just need to enter whT you have already paid

[mahsood1]

then how would i justify the amount i paid from my income in lieu of downpayments and installments. Also after lease period is over, i would have to show the car as an asset. how to justify it then?

[nifiii]

The car has already become your asset. Suppose car price is 10 lacs. Show 10 lacs as your assets by adding your vehicle in assets and enterinng its value as 10 lacs. Suppose you paid 4 lacs in downpayment and installments and 6 lacs is your liability. Enter your liability in credits i.e. 6 lacs and enter bank info as creditor. It is understood that since your liabilities are 6 lacs and your asset value is 10 lacs it means youve already paid 4 lacs

[mahsood1]

i added downpayment in others section in outflows. is it fine?

[nifiii]

Yes its fine too. Like i said above that they haven’t added a proper area or code for these type of payments, hence adding these payments in others is alright.

[mahsood1]

thanks a lot dear.

[BABR1]

بنک لیز کار کی قیمت تو دس لاکھ ھے تو ھم ویکل میں دس لاکھ لکھ دیں گے اور لائبلٹی میں چھے لاکھ لکھ دیں گے ۔مگر کار چونکہ لیز کی ھے تو ھمیں چودہ لاکھ کی پڑ رھی ھے تو یہ فنانشل چارجز ھم کہاں ایڈجسٹ کریں گے ۔کیونکہ ھم دس لاکھ کی کار کو چودہ لاکھ کی کار تو نہیں لکھ سکتے ۔۔
پلیز راہنمائی فرمائیں