Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
Dear expert,
In earlier years I did not use to claim depreciation on building and furniture etc in my individual income tax return. Can I start to claim depreciation in my return from fy 2011-12.
Please advise me.
In earlier years I did not use to claim depreciation on building and furniture etc in my individual income tax return. Can I start to claim depreciation in my return from fy 2011-12.
Please advise me.
30 May 2012
You can do so from now onwards, but the same should be used for your business or profession. For building you need to arrive opening balance after deducting notional depreciation@ income tax rates. If you offer rent under the head Income from house property no depreciation is allowed.
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