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Depreciation

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private worker
240 Points Posted on 30 September 2019
Dear sir

I am running a proprietor ship firm and I have bought a residential property How much depreciation will it take to live on its own and whether it will be allowed? As per income tax act
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On 30 September 2019 at 11:11 Report
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17264 Points Posted on 30 September 2019
It is residential house and not business asset.
Depreciation is not allowed.

However if housing loan is there, you can take deduction on housing loan interest upto 2 lakhs under 24 and then loan repayment under 80C upto a limit prescribed.
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On 30 September 2019 at 12:06
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private worker
240 Points Posted on 30 September 2019
How will i show it in my balance sheet?
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On 30 September 2019 at 12:45
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8 Points Posted on 30 September 2019
In case of a firm, Aadhar linking with PAN is needed or not ?
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On 30 September 2019 at 13:06
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17264 Points Posted on 30 September 2019
@ Satheesh V
please raise a seperate query so as not to get mixed up with another thread
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On 30 September 2019 at 13:25
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81 Points Posted on 01 October 2019
Aadhar linking compulsory for every person including individuals and other representatives
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On 01 October 2019 at 00:44


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