Case 1: Mr. X owns a BUILDING and gives it on lease (which is Mr. X's business) to Mr. Y. Now, Mr. Y uses it for residential purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 2: Mr. X owns a BUILDING and gives it on lease (which is NOT Mr. X's business) to Mr. Y. Now, Mr. Y uses it for residential purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 3: Mr. X owns a BUILDING and gives it on lease (which is Mr. X's business) to Mr. Y. Now, Mr. Y uses it for commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 4: Mr. X owns a BUILDING and gives it on lease (which is NOT Mr. X's business) to Mr. Y. Now, Mr. Y uses it for commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 5: Mr. X owns a Machinery (or say Car i.e. any other asset other than building) and gives it on lease (which is Mr. X's business) to Mr. Y. Now, Mr. Y uses it for non-commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 6: Mr. X owns a Machinery (or say Car i.e. any other asset other than building) and gives it on lease (which is NOT Mr. X's business) to Mr. Y. Now, Mr. Y uses it for non-commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 7: Mr. X owns a Machinery (or say Car i.e. any other asset other than building) and gives it on lease (which is Mr. X's business) to Mr. Y. Now, Mr. Y uses it for commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
Case 8: Mr. X owns a Machinery (or say Car i.e. any other asset other than building) and gives it on lease (which is NOT Mr. X's business) to Mr. Y. Now, Mr. Y uses it for commercial purposes. Give the depreciation treatment for Mr. X (i.e. eligibility to claim depreciation, Rate, income assessable under which head etc.).
(PLEASE MAKE REFERENCE TO APPLICABLE CASE LAWS, SECTIONS , RULES ETC. IF POSSIBLE)
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