1. What is the depriciation rate on computer software?
2. Can a son take the benefit of deduction for interest paid on house property loan taken by his father, but the instalmets are being paid by the son?
4 Replies
madhur gupta
(student/article )
(1022 Points)
Replied 02 January 2009
1.dep rate on software is 60%
bcoz as per income tax computer includes software also
2. i dont think so son will get deduction he is just paying on behalf of his father.
CA. MUKESH KUMAR
(CHARTERED ACCOUNTANT)
(183 Points)
Replied 02 January 2009
if father not alive and he is paying intrest and loan borrowed by father he can claim benefit
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 02 January 2009
1) Rate of Depreciation on Computer Software is same as for Computer i.e. 60%.
2)Deduction u/s.24 in respect of interest payment is available to the asessee to whom House Property belongs provided loan is taken by him for the purchase of the said property and interest is paid on such loan by him. As House property belongs to Father and EMI of the loan taken by father has been paid by son, deduction is not available to son and even to father. The deduction can be claimed in Father' s income by passing necessary entry and creating a liablity in favour of son for EMI paid on behalf.
Thanks,
CA. Ashok Shah
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