Income earned from letting out a commercial building on composite rent (A fully equipped Kalyana Mandapam with kitchen equipments/lift/generator/furniture/fittings/Air conditioners etc) to another person to run it. Unable to split rent for building vs Equipments. Can this be treated as "Income from other sources" and hence claim depreciation for building and equipments?
1 Replies
MudraMantri
(Wantapreneur)
(491 Points)
Replied 17 July 2012
Dear Zackir,
Section 56(2) specifically includes within its ambit situation in which building is let along with machinery/ furniture/equipment and if letting of building is inseperable from letting of said machinery/equipment , provided the income said is not chargeable under section 28 (PGBP)
Regarding your second part: yes expenses can be claimed U/s 57.
Regards,
Yuvraaj
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