Dear Sir. f/Madam,
one of a client has house property income and business income too. rental income was taxed under the head house property and depreciation was not claimed for that building after three years client has formed a Firm and the building was transferred to business. the building was transferred at WDV ( cost less 3 years depreciation ) now depreciation loss can be claimed as STCL or what. kindly clarify.
the earlier building was taxed under House property and after transferring also it is taxed under house property.
thanks a advance
CAclubindia
