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Depreciation on commercial flats

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1359 Points Joined October 2021
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 Joined April 2011
No you can't
4 Reply
On 29 January 2023 at 23:53
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Profession Business
28196 Points Joined May 2017
If it is individually owned not possible.
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On 30 January 2023 at 06:17
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1359 Points Joined October 2021
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
28196 Points Joined May 2017
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 Joined April 2011
Because such income not declared under business & profession.
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On 30 January 2023 at 11:03
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Finance
4566 Points Joined September 2020

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 Joined October 2021
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
4566 Points Joined September 2020

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 Joined April 2011
But only renting of flats is your business
1 Reply
On 01 February 2023 at 22:25

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