Depreciation on rented house
This query is : Resolved
09 May 2011
Hi
My father is doing the business and he is taxable income is around 3 lac/annum. He is rented house which is in his name. Shall we claim depreciation for this rented house? @what percentage?
Also shall we reduce this depreciation value from his annual taxable income.
For example
Annual income - 3,00,000 - A
depreciation on - 50,000 - B
rented house
Total Taxable income - 2,50,000 (A-B)
shall we consider the taxable income is only 2,50,000. This is just my assumption. kindly correct me if i am wrong.
Thanks for your valuable information.
My father is doing the business and he is taxable income is around 3 lac/annum. He is rented house which is in his name. Shall we claim depreciation for this rented house? @what percentage?
Also shall we reduce this depreciation value from his annual taxable income.
For example
Annual income - 3,00,000 - A
depreciation on - 50,000 - B
rented house
Total Taxable income - 2,50,000 (A-B)
shall we consider the taxable income is only 2,50,000. This is just my assumption. kindly correct me if i am wrong.
Thanks for your valuable information.
10 May 2011
The house is not a business asset. So one cannot claim depreciation on house property, The income from House property is taxable ubder the head Income from House Property.
CA. Saurabh Agrawal
(Expert)
10 May 2011
this is not possible. house renr & depreciation on house can not be allowed as deduction in income tax.
CA Vijay Gaurav
(Expert)
10 May 2011
Not Possible to take depreciation on rented House
10 May 2011
Thanks for your valuable information.
so As per the reply, INDI or HUF are not allowed to get depreciation on house assets.
so As per the reply, INDI or HUF are not allowed to get depreciation on house assets.
CA Vijay Kumar Gupta
(Expert)
10 May 2011
rented house cannot be in your's father name i.e. May be tenancy rights in his name. No Depreciation permissible on rented house.
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