Section 35AD and Hotels

Querist : Anonymous (Querist) 16 July 2010 This query is : Resolved
We have commenced Hotel operations in the current year.While preparing Annual Accounts for the Hotel,we propose to charge depreciation as per Income Tax Rules.

The question is in the Depreciation Chart to be annexed with the Financial Statements,can we give effect to deduction of 100% of thecapital expenditure of the Hotel in the aforesaid chart ?In other words,if we have adopted the method of charging depreciation as per Income tax,can we show 100% depreciation in the chart?

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A V Vishal (Expert) 16 July 2010
What is the constitution of the business?

Querist : Anonymous (Querist) 16 July 2010
Partnership.

A V Vishal (Expert) 16 July 2010
Yes you can claim 100% deduction on the capital expenditure.
However, the value of such assets will be NIL under the block of assets in the depreciation chart as per the Income Tax Act.

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