Depreciation
This query is : Resolved
11 May 2009
Hi. Pls clarify this query.
In the rates of depreciation chart as per IT Rules, under BUILDING:
1) Its given that on "Building which are used mainly for residential purposes except hotels & boarding houses can claim depr. at 5 percent.
So does that mean a Business owner can claim depreciation on his residential property(specifically on ground flr house, and where the 1st flr is used as office premises & claims depr. thereon. Can he debit the same to P & L Account.
In the rates of depreciation chart as per IT Rules, under BUILDING:
1) Its given that on "Building which are used mainly for residential purposes except hotels & boarding houses can claim depr. at 5 percent.
So does that mean a Business owner can claim depreciation on his residential property(specifically on ground flr house, and where the 1st flr is used as office premises & claims depr. thereon. Can he debit the same to P & L Account.
11 May 2009
Yes, depreciation can be claimed if buiding has been be shown in the accounts as Fixed Assets.
Message likes :
1 times
11 May 2009
A business owner claiming depreciation for his residential premises is disallowed.
Message likes :
1 times
12 May 2009
Yes building has been shown as fixed asset( as residential property). But pls any more answers, as i hav got 2 contradictory views.
Hi Nitin,if we cannot claim depr., then wat for is the rate @ 5% is given for buildings on residential property.
Hi Nitin,if we cannot claim depr., then wat for is the rate @ 5% is given for buildings on residential property.
12 May 2009
for the matter of the allowance/disallowance, if the company giving the perks of the residence facility to it's employee/directors, it will be allowed as a expenditure, otherwise that will be disallowed. and the rate is given for the purpose of the capital gain tax calculation at the time of sale, in that regards no question of the allowance/disallowance arises.
12 May 2009
That rate of 5% for residential premises is for a Entity which provides accomodation facility to its employees.
12 May 2009
Thanks for all
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
