16 July 2010
If it is a temporary arrangement, income may be offered under the head"income from business" and depreciation can be claimed.
On the other hand, if it is a permanent affair, income may be offered under the head"income from other sources" since it is a composite letting out of L&B. Here also depreciation claimed under section 32 can be claimed as a deduction under section 57 (ii) of the Income tax act,1961.
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