Benefit of depreciation in residential house property

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monika (Querist)
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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 ?

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)
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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 .

monika

monika (Querist)
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28 August 2016 and what will be of depreciation ?

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Expert)
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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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