Can I claim depreciation
This query is : Resolved
22 July 2009
I brought a flat in goa for Rs. 80,00000 and given for rent.
My Question is can i claim depreciation under income-tax laws
My Question is can i claim depreciation under income-tax laws
22 July 2009
Income from house rent is taxable as income from house property. Whereas depreciation is business expenditure & hence it will be allowed to you. Unless your business is buying property & give then on rent.
22 July 2009
The income is neither business income or income from other sources. You can not claim depreciation.
The income is chargeable under the head " Income from House Property". You will be eligible for standard deduction u/s 24.
The income is chargeable under the head " Income from House Property". You will be eligible for standard deduction u/s 24.
22 July 2009
u can not claim depreciation as its income from house property
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