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ALLOWABILITY OF DEPRN. ON ADMIN. ASSETS USED IN MALL

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 December 2009
DEAR SIR,

1.) I WANT TO THAT AN INDIAN CO. ENGAGED IN MALL RENTAL BUSINESS & OTHER RELATED BUSINESS CAN TAKE THE BENEFIT OF DEPRN ON PLANT & MACHINERY (LIKE AC, TV, FIRE FIGHT SYSTEM, MALL SECURITY SYSTEM) USED IN MALL??
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Heera Nahariya

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Heera Nahariya (Expert)
23 December 2009 As per income tax act is two lettings are separable then rental income of the Shops in the mall is to be taxed under "Income from House Property" and other income (i.e. amount charged for other amenities) is to be charged either under the head "Income Profit/Gains from Business/Profession or "Income from Other Sources".
In this case depreciation can be charged on the equipments subject to the income from the amount charged for such amenities.

If income from two lettings is not separable then the same can be treated under the head"PGBP" or "OS" and depreciation is available.
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