Depreciation allowance_Letout property

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This discussion clarifies depreciation allowances for let-out properties. Depreciation is permitted for assets under the Profits and Gains from Business or Profession (PGBP) head. However, it is not allowed for rental income falling under the Income from House Property (IFHP) head. The specific rates applicable will depend on the asset type within the PGBP category.

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(Querist)
04 April 2024 Is depreciation allowed for Commercial property/ residential property purchased and let-out by professional firms or in individual name. what is the rate of depreciation allowed?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 May 2024 Depreciation is allowed over assets under head PGBP. For rental income under head IFHP depreciation is not allowed.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 September 2024 Good Luck.
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