Purchase commercial shop

purchase commercial property in fin year 21-22
but at this time property under construction...
can we charge depreciation in this year 2022-2023
if yes den what rate of depreciation

advance thanks all professionals
Replies (7)
Quick Summary
This discussion explores the eligibility for claiming depreciation on a commercial shop purchased in the financial year 21-22, which was still under construction at that time. The consensus is that depreciation can be claimed for the financial year 2022-2023, provided the property is used for business purposes. However, depreciation cannot be claimed until possession of the property has been obtained.

How can you charge depreciation when you have not received its possession?

After possession can we claim

For what purpose the property is used?

Shop commercial shop

Whether the commercial shop is used by the owner for any business purpose or rented out?

Business main business

If it's used for business purpose, then depreciation can be claimed.

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