depriciation

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shashiraj (Querist)
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16 March 2009 sir, what are the depriciation rates on buildings? what are the concessions available for rent out residential properties?

Reetika Goel

Reetika Goel (Expert)
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16 March 2009 Under Income Tax Act, 1961:

If it is residential property: 5%
If in commercial use: 10%
n if its a temporary construction: 100%

The fact that u have rented out residential property or u urself is residing won't make any difference as such...

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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16 March 2009 rates are

5% on residential building

10% on buildings such as office,factory godowns which are not used for residential purpose.

100% (a) water supply project covered under section 80-IA
(b) temperory erections.

there is no concessions available for rent out residential properties.

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shashiraj

shashiraj (Querist)
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16 March 2009 thanks to both of you

shashiraj

shashiraj (Querist)
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16 March 2009 what is the status of a property which is maintained as a paying guest accommodation?