My father is doing the business and he is taxable income is around 3 lac/annum. He is rented house which is in his name. Shall we claim depreciation for this rented house? @what percentage?
Also shall we reduce this depreciation value from his annual taxable income. For example
Annual income - 3,00,000 - A depreciation on - 50,000 - B rented house
Total Taxable income - 2,50,000 (A-B) shall we consider the taxable income is only 2,50,000. This is just my assumption. kindly correct me if i am wrong.
10 May 2011
The house is not a business asset. So one cannot claim depreciation on house property, The income from House property is taxable ubder the head Income from House Property.
CAclubindia
