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Regarding income from house rent

This query is : Resolved 
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(Querist)
09 May 2011 Hi,

My father owns three house in different places. The income from house rent is around Rs.196000/annum. The assist value as per the Balance sheet is around 47 lac. i saw like we can rebate 30% of annual value from the Rent received. Here the Annual value refer to total rent received (Rs 196000)or value as per balance sheet (Rs 47 lac). kindly clarify on this.

what is the depreciation value for the house building?

Thanks for your valuable information.
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Sreekumar

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Sreekumar (Expert)
10 May 2011 A residential building (owned or rented out) is not a business asset. You cannot avail depreciation benefit under IT Act.
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CA. RAVIKUMAR

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CA. RAVIKUMAR (Expert)
10 May 2011 The 30% Deduction is provided for the wear and tear of the asset and other repairs and maintenance hence you can't claim depreciation.
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