House property transferred to business

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

 

Replies (3)
Quick Summary
A client transferred a house property, previously taxed under 'House Property' income, to their newly formed business at its written-down value (WDV). The query is whether the depreciation loss from this transfer can be claimed as a Short-Term Capital Loss (STCL). There's also a related question about claiming both repairs under 'House Property' and depreciation under 'Business Income' for the same asset.

Depreciation should be charged for 3 years retrospectively and depreciation loss can be set off

Dear Mr Sourav,

for one income and one assessee, can he claim both expenditures ( repairs and maintenance  under house property and Depreciation under business income ) ?

 

No question of charging past 3 years depreciation.

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