Income Tax Act Depreciation
This query is : Resolved
02 July 2009
A Flat is purchased in the Partnership firm,should the depreciation be provided as per income tax act,if so at which rate and if not why??
The flat is not used for business purpose.
The flat is not used for business purpose.
02 July 2009
If the flat is used for the purpose of business of partnership firm then depreciation can be provided @ 10% . If it is for the residential purpose or as stock in trade or as investment then no depreciation can be provided.
02 July 2009
If flat is for the purpose of business, deprecition would be allowed as follows:
Residential - 5%.
Commercial - 10%.
Residential - 5%.
Commercial - 10%.
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