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
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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.