An assessee has the house property and he uses it for the purpose of business and profession.....He has taken a loan for the construction of this building....Now since he is using the HP for business purpose the Property becomes the asset of the business...
Will the Assessee claim depreciation in this regard for the asset @ 5% /10% as the case may be??
WIll assessee claim the deduction for the payment of interest under the P/L a/c or this interest will form part of the cost of the asset and accordingly the depreciation will be claimed.....if yes...what if the interest is paid after the asset is entered into the block i.e it is not the pre-construction interest???
Pls give ur opinion ..
CAclubindia
