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Depreciation on resident house and shop

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2015 I want to know if any proprietor shows their property like resident house and shop in balance sheet do they charge depreciation on them ?

kindly give the rate of dep also.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
05 July 2015 normally you wont show such personal assets on the business balancesheet....
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Querist : Anonymous

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Querist : Anonymous (Querist)
06 July 2015 but if house purchased by loan and also amount paid by business account then ??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 July 2015 you need to take a broader view of asset and tax planning. once you include the house in business asset, it will become the primary asset for any future loan purposes and wont be available to you as a collateral. This affects your ability to borrow.
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