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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Depreciation
Replies (5)
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.
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.
How will i show it in my balance sheet?
In case of a firm, Aadhar linking with PAN is needed or not ?
@ Satheesh V
please raise a seperate query so as not to get mixed up with another thread
please raise a seperate query so as not to get mixed up with another thread
Aadhar linking compulsory for every person including individuals and other representatives
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