Benefit of depreciation in residential house property
This query is : Open
28 August 2016
if any residential house property that have purchased before 1981 not remember purchase value
if it will sale in 32 lakh in 2016
how to compute capital gain ?
will any benefit of depreciation of house property will get or not ?
if it will sale in 32 lakh in 2016
how to compute capital gain ?
will any benefit of depreciation of house property will get or not ?
28 August 2016
if the cost of acquisition is not known , fair market value as on 1-4-1981 will treat as cost of acquisition .
28 August 2016
Depreciation is allowable only in case of depreciable assets in respect of which depreciation was allowed to the assessee in past.
Here the subject property is residential house , so prima facie depreciation can't be considered.
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