Depreciation on resident house and shop

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2015 I want to know if any proprietor shows their property like resident house and shop in balance sheet do they charge depreciation on them ?

kindly give the rate of dep also.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

05 July 2015 normally you wont show such personal assets on the business balancesheet....

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2015 but if house purchased by loan and also amount paid by business account then ??

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 July 2015 you need to take a broader view of asset and tax planning. once you include the house in business asset, it will become the primary asset for any future loan purposes and wont be available to you as a collateral. This affects your ability to borrow.