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Depreciation on commercial flats

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1359 Points Posted on 29 January 2023
does depreciation is provided on commercial flats ?
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On 29 January 2023 at 17:57 Report
Replies (9)
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Chartered Accountant
86505 Points Posted on 29 January 2023
No you can't
814 Reply
On 29 January 2023 at 23:53
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Profession Business
28207 Points Posted on 30 January 2023
If it is individually owned not possible.
44 Reply
On 30 January 2023 at 06:17
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1359 Points Posted on 30 January 2023
But why , life of the building is not infinite
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On 30 January 2023 at 08:54
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Profession Business
28207 Points Posted on 30 January 2023
Depreciation is applicable on assets owned by enterprises.
44 Reply
On 30 January 2023 at 09:57
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Chartered Accountant
86505 Points Posted on 30 January 2023
Because such income not declared under business & profession.
814 Reply
On 30 January 2023 at 11:03
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Finance
4566 Points Posted on 30 January 2023

Buildings – 10% Depreciation Rate

All types of buildings with are not used for residential purposes can be charged with a 10% depreciation rate.

Comercial flats are depreciated.

4 Reply
On 30 January 2023 at 14:24
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1359 Points Posted on 30 January 2023
Please note that the flat is owned by firm sir
1 Reply
On 30 January 2023 at 17:43
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Finance
4566 Points Posted on 30 January 2023

Nice! How is it indefinite? It's is not indefinite because you have the life span. It is only depreciated when it is owned by the firm.

4 Reply
On 30 January 2023 at 18:12
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Chartered Accountant
86505 Points Posted on 01 February 2023
But only renting of flats is your business
814 Reply
On 01 February 2023 at 22:25


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