Depreciation
This query is : Resolved
mudit gupta
(Querist)
07 July 2012
can anyone tell me whether depreciation is allowable on residential building of a proprietor?
CA PRAVEEN SINGH
(Expert)
07 July 2012
INCOME TAX ALLOW ONLY BUSINESS EXPENSES.
EXPENSES RELATING TO BUSINESS ONLY.
EXPENSES RELATING TO BUSINESS ONLY.
Message likes :
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mudit gupta
(Querist)
07 July 2012
thanks sir but can u plz elaborate it more?
i still have some confusion left.
i still have some confusion left.
CA PRAVEEN SINGH
(Expert)
09 July 2012
I mean to say.Building must be used for business purpose or incidental to business.for the purpose of deduction.
mudit gupta
(Querist)
10 July 2012
thank u sir..
CA CS Amit S. Kedia
(Expert)
10 July 2012
Part of depreciation on building is allowed if any part of it is used for the purpose of business or profession.
Message likes :
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mudit gupta
(Querist)
13 July 2012
thank u mr.amit
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