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INCOME TAX

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(Querist)
25 February 2020 interest on loan paid against commercial property is claimed as expense. whether depreciation on such commercial property is allowed or not
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Eswar Reddy S

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Eswar Reddy S (Expert)
25 February 2020 If it is used for business purposes then you can claim the depreciation
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
25 May 2020 Yes depreciation can be claimed on such property.

The expression ‘building’ does not include land because the land does not depreciate. Any expenditure incurred by an assessee, directly referable to the land and not referable to the building, as distinct from the land, cannot constitute a part of the cost of construction of the building for the purpose of allowance of depreciation.
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