depreciation

This query is : Resolved 

07 June 2007 A partnership firm carrying on business in a building owned by one of the partner. Land and building is in the name of the partner. This particular partner is an NRI. He has taken a loan in his name for the construction of the building. For the assmt: year 2007-08, whether firm can claim
1)depreciation on the building?
2) interest on loan taken for the building?

If no, any other tax planning measure which can be adopted now for availing this deduction?
Other suggestions are also invited.
Any information required can also be made avilable.

08 June 2007 if the partner transfers the land & building to the firm then deduction of depreciation can be claimed.

08 June 2007 Financial year is expired. Transfer can be made only in this year. My query is regarding planning for the FY 2006-07.


10 June 2007 firm can not charged depreciation & interest on loan. firm can claim only rent paid to partner.

24 June 2013 Agree with the Experts..



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries