Depreciation on commercial flats
Atharv Sankliya (1356 Points)
29 January 2023
does depreciation is provided on commercial flats ?
9 Replies
sabyasachi mukherjee
(27664 Points)
Replied 30 January 2023
If it is individually owned not possible.
Atharv Sankliya
(1356 Points)
Replied 30 January 2023
But why , life of the building is not infinite
sabyasachi mukherjee
(27664 Points)
Replied 30 January 2023
Depreciation is applicable on assets owned by enterprises.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 January 2023
Because such income not declared under business & profession.
Yasaswi Gomes new
(Finance )
(4545 Points)
Replied 30 January 2023
Buildings – 10% Depreciation Rate
All types of buildings with are not used for residential purposes can be charged with a 10% depreciation rate.
Comercial flats are depreciated.
Atharv Sankliya
(1356 Points)
Replied 30 January 2023
Please note that the flat is owned by firm sir
Yasaswi Gomes new
(Finance )
(4545 Points)
Replied 30 January 2023
Nice! How is it indefinite? It's is not indefinite because you have the life span. It is only depreciated when it is owned by the firm.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 01 February 2023
But only renting of flats is your business
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