16 March 2009
Depreciation rates for building are as below: 1. Building used for residentail purpose - 5% 2. Building other tha (1) and (3) - 10%
3. Building acquired on and after Sep. 2002 for installing machinery and plant forming part of water supply projects - 100%
4. Purely temporary creations - 100%
However if the residentail properties are let out then you will be allowed 30% standard deduction u/s 24 which will cover all expenses including depreciation. So no need to charge separate depreciation.
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