15 December 2014
If firm having only income of Rent from house property . Can they claim benefits of block on sale of property if they never charged depreciation on assets ??
15 December 2014
As no depreciation has been claimed earlier treating the house property under one block, they can not claim benefits of block on sale of property.
16 December 2014
Also if from this year i.e. from jan-15 they use this property for business purpose & charge depreciation can they claim benefits of block in next year ??
16 December 2014
You can use the BLOCK of asset. Care be taken that the new asset be purchase in the SAME year before 31st March. The block of asset should NOT get extinguished..that is the key