Depreciation details for unfurnishing building
This query is : Resolved
28 November 2012
Dear sir,
whether or not made the depreciation on unfurnished building in individual books?
1.if yes, what section applicable for the same
2.if no, what is the reason?
Dear sir,
whether or not made the depreciation on unfurnished building in individual books?
1.if yes, what section applicable for the same
2.if no, what is the reason?
28 November 2012
Depreciation is dealt with by Section 32. The block of assets makes no distinction between furnished building and unfurnished building.
The only condition to be satisfied is that the building should have been put to use and should be used for the purpose of business or profession.
Accordingly if the building has been put to use then depreciation shall be allowed.
If it has not been put to use, depreciation shall not be allowed.
The only condition to be satisfied is that the building should have been put to use and should be used for the purpose of business or profession.
Accordingly if the building has been put to use then depreciation shall be allowed.
If it has not been put to use, depreciation shall not be allowed.
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