Depreciation
This query is : Resolved
11 July 2008
My income is taxable under the head Income from House Property and Income from other sources and it is below Rs. 15,000. Now i had building and I am not claiming Depre. on it because if I will cliam it my capital will be reduced because of loss. Should I claim it or continue to do this?
11 July 2008
u can not claim dep. under these both heads of income. it is allowed in income from business/profession only.
11 July 2008
A person who owns house property and lets it out cannot claim depreciation on the building while working out income from house property.
If bldg used for the purpose of business or profession then u can claim depreciation on it.
If bldg used for the purpose of business or profession then u can claim depreciation on it.
11 July 2008
Depreciation is allowed in income from business/profession only.
12 July 2008
The main reason not to claim the depreciation is that u have claimed the standard deduction while computing the house property income & also the property is not using for the purpose of business & profesion, so u r not able to claim the same....
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