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Depreciation

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(Querist)
07 July 2012 can anyone tell me whether depreciation is allowable on residential building of a proprietor?
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
07 July 2012 INCOME TAX ALLOW ONLY BUSINESS EXPENSES.
EXPENSES RELATING TO BUSINESS ONLY.
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mudit gupta

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mudit gupta (Querist)
07 July 2012 thanks sir but can u plz elaborate it more?
i still have some confusion left.
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CA PRAVEEN SINGH

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CA PRAVEEN SINGH (Expert)
09 July 2012 I mean to say.Building must be used for business purpose or incidental to business.for the purpose of deduction.
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mudit gupta

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mudit gupta (Querist)
10 July 2012 thank u sir..
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
10 July 2012 Part of depreciation on building is allowed if any part of it is used for the purpose of business or profession.
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mudit gupta

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mudit gupta (Querist)
13 July 2012 thank u mr.amit

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