25 February 2020
interest on loan paid against commercial property is claimed as expense. whether depreciation on such commercial property is allowed or not
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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