26 June 2013
Assessee previously used Gala for his business purpose but in current FY he rented that GALA , assessee shown this as FA and charged depreciation on it.. My query is: whether Income from rent earned on this Gala Can be shown as Rent income? and can assessee continue claiming depreciation ? OR he need to show as Income from House Property and not to claim Depreciation.
26 June 2013
sir but he need to remove that Gala from Block of Asset , what value should he Consider? and whether it will be shown as fixed asset or as investment..?
CAclubindia
