23 September 2012
Hi,can u please tell me if the assesse has income from others sources and he is paying tds u/s 194H,but his gross income for the year ended 2011-12 is taxable ,he has made an investment in the purchase and construction of a shop for his business which will be commenced after completion of construction.So now can he take deduction of such investment against the other source income. OR hw he shuld present his income so that the benefit of such investment can be availed.. Please reply urgently..
23 September 2012
The investment in shop is Capital Expenditure.Hence deduction can not be claimed.To get benefit of deduction, the possibility is Depreciation on Shop.But to claim such depreciation, construction has to be completed and the business has to be started before 31.3.2012.Depreciation may be half of the Normal depreciation.Hope accordingly you can plan tax.
CAclubindia
