Either depreciation allowed or not

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2014 If an assessee have a house property as a asset in his business and rented out the same.Assessee rented the same property during the year and claims standard deduction @30% on it.whether assessee can claim depreciation from business income also?
case 1: it is not put to use in business of assessee
Case 2: it is used in business by assessee during the year

Rupesh Jain

Rupesh Jain (Expert)
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25 June 2014 it the assets use in business and also in book of accounts the you can claim the depreciation and if you not use un business and rent out the property then you cannot claim the depreciation only claim u/s 24 (b) 30% and interest paid on loan if you take.

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2014 if depreciation is not allowed then how it will be treated in block of asset.

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Rupesh Jain

Rupesh Jain (Expert)
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25 June 2014 pls send where the building is show. in business books if you give on rent then no depreciation allowed.

you can debit the capital a/c of prop. it treat as personal property.

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2014 its ok in case of proprietor. but in case of company, if comapany have property in its name and rented out the same