Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 Dear expert,
In earlier years I did not use to claim depreciation on building and furniture etc in my individual income tax return. Can I start to claim depreciation in my return from fy 2011-12.
Please advise me.

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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30 May 2012 You can do so from now onwards, but the same should be used for your business or profession. For building you need to arrive opening balance after deducting notional depreciation@ income tax rates. If you offer rent under the head Income from house property no depreciation is allowed.