Depreciation on Residential Flat

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Proprietor
40 Points Posted on 04 April 2024

I am self-employed. Filing Tax as Proprietor. I have got an Office Building on which I am charging 10% Depreciation. Just bought a flat but it is for self use i.e. residential purpose.

My question is can I charge Depreciation  of 5% on residential Flat ?

 

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On 04 April 2024 at 20:43 Report
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3641 Points Posted on 05 April 2024
In my opinion

No you can't because the Asset you purchased not belongs to your Business or profession as you can't claim depreciation on the said asset how ever, if you have taken loan for purchasing the flat then you can take interest on loan as a deduction to the extent 2Lakh as property is self occupied.
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On 05 April 2024 at 08:32

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