san (-----) (99 Points)
01 April 2014section32 says MUST BE USE FOR BUSINESS OR PROFESSION but then after 5% rate given for residential property but this is not for business or profession then how it calculate??
If i have two residential property one leased out and other for personal purpose then which property depreciated??
THanks in Advance for reply
CMA Sanjay Hakhu
(GM-Finance & Accounts)
(65 Points)
Replied 01 April 2014
As pointed out by you, the asset must be used for Business or Profession. This usually happens when the building is given to employees for residential purposes by the assessee employer. In such cases, the building is to be depreciated @ 5%. The number of buildings used for business as residential building is not relevant. All buildings are eligible if used for Business or Profession.
If you are owning and using properties for residential purposes and not for Business purposes, no depreciation is allowed.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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