Our is a partnership firm. We have a commercial property and have rented out.
We are not claiming depreciation on it and showing the rent received as our business income.
Is the method right??
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Is depreciation allowed on property rented?
Replies (2)
Quick Summary
Deprecation Claim is mandatory under Income Tax Act.
For Partnership :
Rent is income and Can claim depreciation, it's Expenses for you, and also beneficial for you, it's allowed.
Rent is income and Can claim depreciation, it's Expenses for you, and also beneficial for you, it's allowed.
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