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depreciation

This query is : Resolved 

A partnership firm carrying on business in a building owned by one of the partner. Land and building is in the name of the partner. This particular partner is an NRI. He has taken a loan in his name for the construction of the building. For the assmt: year 2007-08, whether firm can claim
1)depreciation on the building?
2) interest on loan taken for the building?

If no, any other tax planning measure which can be adopted now for availing this deduction?
Other suggestions are also invited.
Any information required can also be made avilable.


if the partner transfers the land & building to the firm then deduction of depreciation can be claimed.

Financial year is expired. Transfer can be made only in this year. My query is regarding planning for the FY 2006-07.

firm can not charged depreciation & interest on loan. firm can claim only rent paid to partner.

Agree with the Experts..


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