depriciation
This query is : Resolved
16 March 2009
sir, what are the depriciation rates on buildings? what are the concessions available for rent out residential properties?
16 March 2009
rates are
5% on residential building
10% on buildings such as office,factory godowns which are not used for residential purpose.
100% (a) water supply project covered under section 80-IA
(b) temperory erections.
there is no concessions available for rent out residential properties.
5% on residential building
10% on buildings such as office,factory godowns which are not used for residential purpose.
100% (a) water supply project covered under section 80-IA
(b) temperory erections.
there is no concessions available for rent out residential properties.
CA Tilak Raj Sharma
(Expert)
16 March 2009
Depreciation rates for building are as below:
1. Building used for residentail purpose - 5%
2. Building other tha (1) and (3) - 10%
3. Building acquired on and after Sep. 2002 for installing machinery and plant forming part of water supply projects - 100%
4. Purely temporary creations - 100%
However if the residentail properties are let out then you will be allowed 30% standard deduction u/s 24 which will cover all expenses including depreciation. So no need to charge separate depreciation.
1. Building used for residentail purpose - 5%
2. Building other tha (1) and (3) - 10%
3. Building acquired on and after Sep. 2002 for installing machinery and plant forming part of water supply projects - 100%
4. Purely temporary creations - 100%
However if the residentail properties are let out then you will be allowed 30% standard deduction u/s 24 which will cover all expenses including depreciation. So no need to charge separate depreciation.
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