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dep on let out property

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(Querist)
23 July 2010 CAN WE CLAIM DEP ON LET OUT PROPERTY , WHERE IN WE DON'T HAVE ANY BUSINESS INCOME
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 July 2010 Income from let out property has to be offered under the head "Income from house property" on which depreciation claim will not be allowed.
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srinath

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srinath (Expert)
23 July 2010 agreed with sir

the deductions allowed are municipal taxes, interest on loan if any and standard deduction of 30% on the Annual value
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 July 2010 Agree with expert.
Simple logic since you are getting 30% deduction you cant claim depreciation on same. You cant take double benefit.
If you claim depreciation then income will be treated as business income and not as income from house property and hence not eligible for 30% deduction.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
23 July 2010 AGREED WITH EXPERTS.
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