depriciation

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shashiraj (Querist)
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16 March 2009 sir, what are the depriciation rates on buildings? what are the concessions available for rent out residential properties?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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16 March 2009 rates are

5% on residential building

10% on buildings such as office,factory godowns which are not used for residential purpose.

100% (a) water supply project covered under section 80-IA
(b) temperory erections.

there is no concessions available for rent out residential properties.

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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16 March 2009 Depreciation rates for building are as below:
1. Building used for residentail purpose - 5%
2. Building other tha (1) and (3) - 10%

3. Building acquired on and after Sep. 2002 for installing machinery and plant forming part of water supply projects - 100%

4. Purely temporary creations - 100%

However if the residentail properties are let out then you will be allowed 30% standard deduction u/s 24 which will cover all expenses including depreciation. So no need to charge separate depreciation.

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