DEPRICIATION
3 years ago
i have constructed a godown and give it on rent to third party, i am claiming standard deduction on rent income generated under head income from house property can i also claim a deprication on godown construction cost.
A.Hi,
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.
If you like my answer, please give a good review.
Rental property depreciation allows real estate investors to take tax deductions for their property.
It will be your obligation to convince the court as to why your are claiming depreciation value. Further, it'll be the discretion of the concerned authority.
If you like my answer, please give a good review.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You can try to claim depreciation cost. Rental property depreciation allows real estate investors to take tax deductions for their property. This is done by convincing the IRS that the property in question has a determinable useful life.
If you like my answer, please give a good review.
You can try to claim depreciation cost. Rental property depreciation allows real estate investors to take tax deductions for their property. This is done by convincing the IRS that the property in question has a determinable useful life.
If you like my answer, please give a good review.
Helpful
Helpful
Share
Jagannath S Pawar
Responded 3 years ago
A.Plz approach Chartered accountants in this regard
Helpful
Helpful
Share
Read Related Answers
Income Tax threshold for tax free pension
Dear Client,
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested t...
What should I opt Old Regime vs New Regime
Dear sir
You have to consult service advocate or a person who is expert in such subject otherwise you may be mislead.
Exemption on interest education loan
Dear Client,
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from hi...
Tax query
Dear Client,
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X...
Claiming Leave Travel Allowance while filing ITR
Dear Client,
Without availing LTA if you claim its exemption in the ITR, it may be considered evasion of income tax once your ITR attracts scrutiny by the Income Tax Department and you may face legal...
Read Blogs on Tax-Income Tax
Tax-Income Tax Lawyers
Find Lawyers by Location
