Depreciation on Residential Flat

Tax queries 627 views 1 replies

Tripathy

Proprietor

55 Points Joined April 2012

I am self-employed. Filing Tax as Proprietor. I have got an Office Building on which I am charging 10% Depreciation. Just bought a flat but it is for self use i.e. residential purpose.

My question is can I charge Depreciation of 5% on residential Flat ?

Replies (1)

In my opinion

No you can't because the Asset you purchased not belongs to your Business or profession as you can't claim depreciation on the said asset how ever, if you have taken loan for purchasing the flat then you can take interest on loan as a deduction to the extent 2Lakh as property is self occupied.