Moon (manager) 01 June 2018

Taxation and depreciation on commercial property given for rent ?

Dear All TIA I am salaried individual and recently purchased a commercial office space and planning to give it on the rent to a limited company kindly please inform the tax on my rental income and which kind of deductions i can claim from against this rental income like wise municipal levies maintenance deposit depreciation etc. Thank you very much all for your revert.

Reply Follow

2 Replies

R.Ramachandran (Advocate) 01 June 2018

The rental income will be treated as 'Income from House Property'. You will be allowed a deduction of 30% from the said rental income towards maintenance. Apart from that the Municipal Taxes which you pay on the property will be allowed as deduction. There will not be allowed any separate depreciation etc.