dep on let out property
This query is : Resolved
23 July 2010
CAN WE CLAIM DEP ON LET OUT PROPERTY , WHERE IN WE DON'T HAVE ANY BUSINESS INCOME
23 July 2010
Income from let out property has to be offered under the head "Income from house property" on which depreciation claim will not be allowed.
23 July 2010
agreed with sir
the deductions allowed are municipal taxes, interest on loan if any and standard deduction of 30% on the Annual value
the deductions allowed are municipal taxes, interest on loan if any and standard deduction of 30% on the Annual value
23 July 2010
Agree with expert.
Simple logic since you are getting 30% deduction you cant claim depreciation on same. You cant take double benefit.
If you claim depreciation then income will be treated as business income and not as income from house property and hence not eligible for 30% deduction.
Simple logic since you are getting 30% deduction you cant claim depreciation on same. You cant take double benefit.
If you claim depreciation then income will be treated as business income and not as income from house property and hence not eligible for 30% deduction.
23 July 2010
AGREED WITH EXPERTS.
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