Capital asset or business asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2017
Company is only having rent income from letting out office premises. Company has stopped doing any business activity. So this rent income is taxable as Income from House Property. Can company continue to claim depreciation on same office premises. Also in next year company has sold the premises, how it will be treated less from wdv & rest short term capital gain or indexation benefit will be calculated ????
Amol S Joglekar
(Expert)
18 June 2017
The company can claim depreciation
18 June 2017
Income from letting out of property after stopping business activity permanently can be offered under' income from house property'.
If income is offered as above, depreciation can't be claimed.
In next year,compute STCG with out depreciating the asset since the date of letting out.
If income is offered as above, depreciation can't be claimed.
In next year,compute STCG with out depreciating the asset since the date of letting out.
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