Depreciation on Buildings
This query is : Resolved
23 November 2021
A Tourist home building belongs to Mr. A
Mr. A and his son formed a partnership and started to let out the rooms in the name of the partnership and intending to open a hotel there.
1. Whether the Firm can claim Depreciation on this building exclusively belong to Mr. A?
2. For letting out the rooms, whether this partnership firm has to take this building on Lease?
Please Advice.
Mr. A and his son formed a partnership and started to let out the rooms in the name of the partnership and intending to open a hotel there.
1. Whether the Firm can claim Depreciation on this building exclusively belong to Mr. A?
2. For letting out the rooms, whether this partnership firm has to take this building on Lease?
Please Advice.
23 November 2021
1. NO
2. Not Mandatory. That can be one of the options.
2. Not Mandatory. That can be one of the options.
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