Depreciation : Apartment purchased

This discussion clarifies whether companies can claim depreciation on purchased apartments or flats. It confirms that depreciation is indeed allowed, providing specific rates for both Straight-Line Method (SLM) at 1.58% and Written Down Value (WDV) at 4.87%, based on a useful life of 60 years as per the Companies Act. The query also seeks to identify the corresponding rates applicable under the Income Tax Act.