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Prithvi Krishna (Querist)
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25 September 2014 The nature of business is trading . As a course of business a debtor couldn't repay the amount and a building was given to us as a consideration. The building is let out and rent is received . That income is charged under Income from House Property. What is the treatment of Building acquired and its treatment in Income Tax. Can we claim depreciation on the building acquired. If yes please state the Section for my future reference.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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25 September 2014 no. you cannot claim depreciation on this building once it is covered under income from house property

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Prithvi Krishna

Prithvi Krishna (Querist)
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25 September 2014 What is the treatment of Asset received in accounts and for the purpose of Income Tax

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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29 July 2024 https://docs.google.com/document/d/1SOh8vU94IKpyHvlUJ9XkfzE7-1kUEOmd6DUBTwaMW0U/edit?usp=sharing

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