Regarding income from house rent
This query is : Resolved
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.
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.
10 May 2011
A residential building (owned or rented out) is not a business asset. You cannot avail depreciation benefit under IT Act.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
