Depreciation and standard deduction on rent income
This query is : Resolved
03 September 2016
Dear All,
If one Pvt. Ltd. Company has used the Building for business purpose for more than 180 days i.e. (from April to December) and for remaining period they have let out the building and receives rent. In this case whether that company is eligible for full depreciation (as as per income tax they have used the asset for more than 180 days) and standard deduction of 30% on rent received both?
Thanks
If one Pvt. Ltd. Company has used the Building for business purpose for more than 180 days i.e. (from April to December) and for remaining period they have let out the building and receives rent. In this case whether that company is eligible for full depreciation (as as per income tax they have used the asset for more than 180 days) and standard deduction of 30% on rent received both?
Thanks
11 September 2016
THE COMPANY IS ENTITLE TO BOTH. HOWEVER, THE RENTAL INCOME MAY BE TREATED AS BUSINESS INCOME OF THE COMPANY.
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
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
