Assets under operating lease

sivaram (Asst Mgr-Taxation) (6918 Points)

17 August 2016  

Dear All

We are owning certain commercial  Buildings and have let them on operating lease  in this connection we are getting rent from tenants each month and in our Income tax return we are showing the rentals received from Income from House property? Where in Income tax Act it is stated that we cannot claim depreciation on these owned and leased assets ? If we show Income Under House property cant we claim depreciation too under business or profession ?


Kindlly clarify ?


Thanks in Advance