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.
CAclubindia
