Hello Sirs,
For a legal professional who is constructing additional rooms at home for use as office, is any capital expenses deduction allowed? The 1st floor is already used as registered office address. 2 additional rooms are being constricted since October 2017. No loan is taken in this.
Is capital expenditure allowed ?
| Originally posted by : Avtar Singh | ||
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No on residential building it wll not legally viable. If the base is illegal other related claims will be Nul & void. Secondly in your case it will not be possible to Denmark the residential/commercial portions. It's my view you may proceed as you wish. |  |
Sir,
In the IT website, depreciation section, it is provided as:
"
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(1) Buildings which are used mainly for residential purposes except hotels and boarding houses - 5% |
This does not imply similar case to mine?
What conditions qualify a residential building for the purpose as given in (1)?
To clarify reg demarking, ground floor is entirely home, 1st floor is entirely office where staff also work.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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