18 August 2010
Private ltd company having maintenance income from shareholders which is shown under the head income from house property and balance other income under the head business & profession.company is claiming unabsorbed depreciation from business income and also claiming also 30% deduction u\s 24 on building from which maintenance charges received.can company is allowed to claim depreciation under income tax.
18 August 2010
From the above i can understand if that the deemed ownership of the building is that of the shareholders and hence depreciation cannot be claimed on the said building.
CAclubindia
