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Depreciation claim by housing society by housing society

manish kedia (yet not) (319 Points)

16 April 2014

We need help on below matter.

Whether a group Housing society can claim depreciation on building?

Please mention relevant section or case law.

Thanks in advance

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3 Replies

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 16 April 2014

Dear Manish

A Group Housing society can not claim depreciation becasue society transferes the right of property to members either through shares allotment or conveyance deed/ sale deed.

now only common area left with the society but that is for maintnance purpose only. not for ownership purpose

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Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 16 April 2014

However a soceity can claim depreciation on assets used in office of socity like furniture, water motors, generator set, that is used to run the operation of society peacefully.