Income from house property
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2014
I am availing standard deduction U/S 24(a)from the rent received by letting out a shop. Can I also avail depreciation u/s 32 on the same shop also.
09 September 2014
No.
Because Any property let out and received the rent for the same taxable under the head "Income from House property" .
And
U/s 32 Says that Depreciation allowed only when following condition satisfied i.e.,
a) Wholly or partly owned by the assessee
b) Wholly or partly used for the purpose of business
C) Fall within the classification of block of assets.
In your question you mentioned that you let out the property and no question of used for the purpose of business ,
So Standered deduction U/s 24(a) @ 30% available.
Because Any property let out and received the rent for the same taxable under the head "Income from House property" .
And
U/s 32 Says that Depreciation allowed only when following condition satisfied i.e.,
a) Wholly or partly owned by the assessee
b) Wholly or partly used for the purpose of business
C) Fall within the classification of block of assets.
In your question you mentioned that you let out the property and no question of used for the purpose of business ,
So Standered deduction U/s 24(a) @ 30% available.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Capital Gail Exemption Certificate
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- GST on Renting godown to KFCSC for Storage of Raagi
- Oct 2025 Invoices
- TAX AUDIT ON PROFESSIONAL INCOME
- Capitalgain tax purposes for valuation report compulsory
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Import of Software Service.
- Depreciation Chart Companies Act
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
