02 July 2009
A Flat is purchased in the Partnership firm,should the depreciation be provided as per income tax act,if so at which rate and if not why?? The flat is not used for business purpose.
02 July 2009
If the flat is used for the purpose of business of partnership firm then depreciation can be provided @ 10% . If it is for the residential purpose or as stock in trade or as investment then no depreciation can be provided.
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