Depreciation of let out residential property
This query is : Open
11 January 2022
1) Assessee is an resident individual
2) He has 2 businesses and 1 profession, income from which is offered as Income from Business / Profession
3) He owns 4 residential houses
4) 3 houses are let out; either for full or part of the year
5) 4th hosue is self-occupied
6) All 4 houses are shown as Fixed Assets in Balance Sheet
7) Rent from let out houses is offered as Income from House Property
Query:
a) Can assesse claim depreciation in P&L account of Business / Profession?
2) He has 2 businesses and 1 profession, income from which is offered as Income from Business / Profession
3) He owns 4 residential houses
4) 3 houses are let out; either for full or part of the year
5) 4th hosue is self-occupied
6) All 4 houses are shown as Fixed Assets in Balance Sheet
7) Rent from let out houses is offered as Income from House Property
Query:
a) Can assesse claim depreciation in P&L account of Business / Profession?
11 January 2022
No. Not eligible...
11 January 2022
Deprecation can be claimed only when you are using the building for business purposes.
So please check if you have recorded the assets under the business balance sheets.
So please check if you have recorded the assets under the business balance sheets.
11 January 2022
4 houses are shown as fixed assets in the balance sheet of a proprietorship firm through which profession of CS is carried out. Same firm raises rental bills (with GST) on tenants for commercial use of 2 residential houses. For 3rd house renal bills are not raised as it is let out purely for residential purpose. 4th house is self-occupied. Will that change depreciation effect?
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