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Depreciation, Income Tax

Issue Id: - 115682
Dated: 18-11-2019
By:- janakiraman iyer

Depreciation


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when one purchase flat in Mumbai or in Gujarat , developer enters into two agreements, one for sale of undivided cost of land and other for construction etc but the effect is acquisition of flat by acquiring shares in cooperative society as land is never conveyed in name of any member but only to cooperative society and so when a corporate claim depreciation on this purchase , they are entitled for deprecation on both the values namely purchase of undivided portion of land and construction cost of flat. can one give any case law on this legal point

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