Hello,
I plan to take a building on lease (i own a LLP) from an individual owner for 10 years @ Rs 180000pa and plan to lease it to business for Rs 240000pa.
a. What all expenditures I can claim for tax deductions (e.g.- Municipal tax, property tax, depreciation on building, building maintainance, fixtures etc).
b. How to treat depreciation on the building and the structural changes made.
c. I am taking a deposit of one year rent as deposit which I will be using to make necessary structural changes, painting and fixing etc. And at the end of the business lease, this deposit will be given back. Can I amortize these expenses?
d. What tax benefits and treatments will the lessee (the individual) receive?
Thanks.
CAclubindia
