depreciation
This query is : Resolved
shashikanth
(Querist)
10 December 2009
Hi all
My question is , is it complusory to charge depreciation on Commercial building in balance sheet (which letout for business purpose.)
its urgent
My question is , is it complusory to charge depreciation on Commercial building in balance sheet (which letout for business purpose.)
its urgent
10 December 2009
Dear,
You must have to take depreciation in this case.
At the time of computation of tax liability it would be added back to your taxable profits.
The reason is that you would claim deduction u/s 24 against House Property income which at present is 30% of Net Annual Value.
Best
Sanjeev
Dear,
You must have to take depreciation in this case.
At the time of computation of tax liability it would be added back to your taxable profits.
The reason is that you would claim deduction u/s 24 against House Property income which at present is 30% of Net Annual Value.
Best
Sanjeev
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