A sole prop concern has not claimed depreciation on building for many assessment years.
Can it claim all in the current year ?
11 Replies
chandar
(Deputy Manager-Accounts)
(296 Points)
Replied 18 November 2015
no, This all cannot be claimed in this year. As depreciation claim is mandatory in nature. So it shall be deemed to have been allowed in earlier years also.
You can claim the depreciation on the Written down value after charging notional depreciation till now.
Karthik.V.Kulkarni
(Chartered Accountant)
(594 Points)
Replied 19 November 2015
You can claim depn... but only if you are using it for business..
anita
(trainee)
(514 Points)
Replied 19 November 2015
n yes the building in question is an office block
Minesh Rawat
(Article)
(199 Points)
Replied 20 November 2015
Yes u can revise ur return if original is filed on time and u should claim on wdv basis and after charging notional depreciation for earlier years as per explanation to Section 32
chandar
(Deputy Manager-Accounts)
(296 Points)
Replied 20 November 2015
as per section 139 (5). the return can only be revised if the original return has been filed well in time. Late return cannot be revised. The return can be revised with in 1 year from the end of the relevant assessment year or before the completion of assessment which ever is earlier.
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