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srinivas (purchase)     03 September 2014

Income from house property


i have  a flat in pune which is rented out and i am showing the rent recd as income from house property and adding the amount to my salary income to pay income tax.recently i read one of the article where in it was said how we can save income tax on house property by  showing the depreciation on the house @ 5% and adjusting the same agaist even the income tax liability and other income from debt funds ,interst on Fds let me know whether this is correct and if yes what is the form ITR to be used if we are showing depreciation on the flat.



etc it against 

 6 Replies

Gautam Sharma

Gautam Sharma (CA)     03 September 2014

No it is not correct. ITR1 SAHAJ or ITR 2

Joswin Punchakunnel

Joswin Punchakunnel (Chartered Accountant)     04 September 2014

no. depreciation can be claimed against the building which is being used for the purpose of business. the article might have been refering to something else. it would have helped if you could make an attachment of the same, so that we could understand what it is pointing at......


Mihir (Wealth Manager)     04 September 2014

It is not depreciation. It is deduction. You may avail 30% deduction from your rental income u/s 24.
 CA Sanket Gujar

CA Sanket Gujar (Professional)     04 September 2014

It is not a business income, it is a rental income and needs to be shown under income from House property

It will be business income when u are owning a no. of flats and ur main income source is renting


Brahma Nand

Brahma Nand (Finance associates)     05 September 2014

Yes no depreciation claim , you will be avail deduction 30% only from your rental income

Narasimhababu (Cost Accountant)     06 September 2014

As per section 32 you will claim depreciation deduction only towards your business income. When we calculating income from house property only two deductions will allow under section 24a and 24b as standard deduction and interest on loan towards purchase or construction of house respectively. So you are not supposed to claim deprecoayion.

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