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.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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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.

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