if a commercial or industrial property is given on rent by a firm, whether depreciation is allowable on the same property???
can we give the benefit of 30% deduction on the same property without allowing depreciation????
5 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 08 August 2011
The income earned shall be Taxable under the head Income from House Property, thus only standard deduction of 30% can be claimed on such property income. Depreciation cannot be claimed on renting on such property.
Regards,
Devendra K
CA Mukul Mittal
(CA in practice)
(384 Points)
Replied 08 August 2011
what if the same property is taken in the business after sometime say 5 years............will the wdv be the same as book value????
CA. Vikas Sharma
(Chartered Acountant)
(93 Points)
Replied 09 August 2011
If you gave a property on rent, you are not allowed to claim depreciation. The only allowable deduction is 30% standard deduction.
if that peoperty is engaged into business after sometime say 5 years then wdv shall be
= book value-Depreciation of 5 years
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