CA Himanshu Bansal (Risk Manager) (2345 Points)
09 January 2011
Suppose an assessee is carrying on the business of letting the various "House Properties" . All of these properties are owned by assessee.
Since this income will be taxed under the head "Income from House Property " ,
my query is that will he be allowed the depreciation on such let out properties ?
Vivek Raju P
(Manager)
(614 Points)
Replied 09 January 2011
No depreciation u/s 32 of the act is not allowable unless the assessee classifies the income as business income and can prove that the income can be classified under business income.
If the income is taxed under income from house property then sec 24(a) provides a 30% deduction of the annual value before computation of the taxable income, this as per act is intended to cover the depreciation, as such there is no further allowance,
janak
(post graduation)
(1327 Points)
Replied 09 January 2011
| Originally posted by : Vivek Raju P | ||
 |
No depreciation u/s 32 of the act is not allowable unless the assessee classifies the income as business income and can prove that the income can be classified under business income. If the income is taxed under income from house property then sec 24(a) provides a 30% deduction of the annual value before computation of the taxable income, this as per act is intended to cover the depreciation, as such there is no further allowance, |
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i agree with vivek raju.P
CA Narender Gupta
(CA In Practice)
(43 Points)
Replied 10 January 2011
no dedutions allowed bcog income under head house property expanses which are deductional are 30% of NAV against all expanses except int on loan under sec 24b
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