Consultancy ...

Personal Balance sheet is essential for government employees and high paid employees.
1. Some time due to unfortunate/ untimely death of KARTA person of the family all untold cash transactions get vanished in the air, they can be captured in personal Balance Sheet. Most important benefit of the personal balance sheet is that it speaks all these transactions which you forget to communicate to the family members. Such as ….

a. Personal Advances given to some plot sellers or other venders, where final transaction is pending.
b. Hand loan given to friends and relatives.
c. Hand loan/ advances accepted from friends and relatives.
d. Some item/ vehicle/ asset purchased, paid but not yet transferred in your name.

2. Many a time you have number of FDR, NSC, etc. certificates. If you loose/ misplace some of them, you will never come to know. Personal balance Sheet will remind you the same.

3. If you are a public personality or a Govt. employee, you always have to explain that your assets are not dis- proportionate to your income. Explanation of old acquired assets without the help of personal balance Sheet is very very difficult.

4. Some time you have to buy an asset. You have money at home. But you are puzzled that ,in whose name I should buy? In whose hand sufficient money are available? The answer is available only at personal balance sheet.

5. Some time you have to buy an income earning property. But you are puzzled in whose hand the future income shall be beneficial and will be less taxed? The family balance sheet have the answer for the same.