Depreciation

This query is : Resolved

Sanjay Jain (Querist)
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11 July 2008 My income is taxable under the head Income from House Property and Income from other sources and it is below Rs. 15,000. Now i had building and I am not claiming Depre. on it because if I will cliam it my capital will be reduced because of loss. Should I claim it or continue to do this?

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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11 July 2008 u can not claim dep. under these both heads of income. it is allowed in income from business/profession only.

CA. Ramesh P Choudhary

CA. Ramesh P Choudhary (Expert)
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11 July 2008 A person who owns house property and lets it out cannot claim depreciation on the building while working out income from house property.

If bldg used for the purpose of business or profession then u can claim depreciation on it.

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CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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11 July 2008 Depreciation is allowed in income from business/profession only.

CA MOHIT VAATS

CA MOHIT VAATS (Expert)
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12 July 2008 The main reason not to claim the depreciation is that u have claimed the standard deduction while computing the house property income & also the property is not using for the purpose of business & profesion, so u r not able to claim the same....