Dear Friends
A Pvt Ltd company whose only source of income is from letting out of property and claiming deduction u/s 24 as per IT act and also interest on borrowed capital benefit.
Further as per MAT the tax payable is more .
Now my query is that while calculating MAT can we claim depreciation as per Companies act on this property which is let out or is there specific restriction to it.
Further after 5 years if we were sell this property can we claim indexation benefits as we are not claiming deprecciation as per income tax. what we are claiming is only depreciation as per company act.
An early reply shall be highly appreciated with supporting case laws prefrably
Regards,
CA Rajesh Poddar
CAclubindia
