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Depreciation on rented house

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(Querist)
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.
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prasad

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prasad (Expert)
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.
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CA. Saurabh Agrawal

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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.
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CA Vijay Gaurav

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CA Vijay Gaurav (Expert)
10 May 2011 Not Possible to take depreciation on rented House
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Arun

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Arun (Querist)
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.
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CA Vijay Kumar Gupta

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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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