Renting of gala previously used for biz purpose
This query is : Resolved
26 June 2013
Assessee previously used Gala for his business purpose but in current FY he rented that GALA , assessee shown this as FA and charged depreciation on it..
My query is:
whether Income from rent earned on this Gala Can be shown as Rent income? and can assessee continue claiming depreciation ? OR he need to show as Income from House Property and not to claim Depreciation.
Thanks In Advance.
My query is:
whether Income from rent earned on this Gala Can be shown as Rent income? and can assessee continue claiming depreciation ? OR he need to show as Income from House Property and not to claim Depreciation.
Thanks In Advance.
CA PARAS BAFNA
(Expert)
26 June 2013
He can show income under IFHP and can not claim depreciation.
26 June 2013
sir but he need to remove that Gala from Block of Asset , what value should he Consider? and whether it will be shown as fixed asset or as investment..?
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