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Depreciation on Let out office

Ajeet (Accountant) (64 Points)

15 September 2009

PL. somebody clarify if depreciation is allowable on let out office.

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5 Replies

santhosh (CA) (636 Points)
Replied 15 September 2009

Since letting out of Office space (Commercial Property) is Chargeable under Income from House Property only. NO Dep can be claimed.

CA Manasa (CA) (1479 Points)
Replied 15 September 2009

Originally posted by :santhosh
"	Since letting out of Office space (Commercial Property) is Chargeable under Income from House Property only. NO Dep can be claimed.	"

Yes Santhosh is right u cannot claim Depreciation since is charged under Income from House property.,

Pulkit Agarwal (CA. Final) (455 Points)
Replied 15 September 2009

hi Ajeet,

Clarify , with whose point of view you are talking about. From the point of view of the tenant, it is allowable, but not from the point of view of the landlord

RITESH KOTHARI (B.COM, FCA, DISA(ICAI)) (778 Points)
Replied 16 September 2009

BOTH THE PARTIES CANNOT CLAIM DEPRECIATION ON THAT PROPERTY UNTILL THE INCOME FROM THAT PROPERTRY IS NOT SHOWN UNDER THE HAED "INCOME FROM BUSINESS OR PROFESSION".

HOWEVER IF HE CANT CLAIM DEPRECIARION HE WOULD BE GETTING A STD. DEDUCTION OF 30% ON RENT RECD. UNDER THE HEAD HOUSE PROPERTY. THE DIFFERENCE WOULD NOT BE MUCH.