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
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Quick Summary
Depreciation on commercial flats is generally permissible, but only if the property is owned by a firm or business and used for commercial purposes, not residential. If the flat is individually owned, depreciation cannot be claimed. The key factor is that the income generated from the flat must be declared under 'business and profession' for depreciation to be applicable.

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Chartered Accountant
86505 Points Posted on 29 January 2023
No you can't
4 Reply
On 29 January 2023 at 23:53
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Profession
28269 Points Posted on 30 January 2023
If it is individually owned not possible.
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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
28269 Points Posted on 30 January 2023
Depreciation is applicable on assets owned by enterprises.
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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.
1 Reply
On 30 January 2023 at 11:03
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Finance
4592 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.

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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
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On 30 January 2023 at 17:43
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Finance
4592 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.

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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
1 Reply
On 01 February 2023 at 22:25

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