Regarding Depreciation

This query is : Resolved 

02 June 2010 Sir,

A Pvt Company recieved income from house property and in return same is taxable as Income from House property and no other business income earn by the company during the financial year 2009-10. should company claim Depreciation on such Building as per companies Act & Income Tax....


Thanks

02 June 2010 No. Company Can not Claim Depreciation.

02 June 2010 company Can not claim Depreciation on such Building under companies Act as well as under Income Tax...


02 June 2010 Since the income is taxable under Income from house property in which it must have claimed Standard deduction u/s 24. Hence no further deduction u/s 32 for depreciation will be allowed



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries