Sunil acquired a building for ₹15 lakh in June, 2012 in addition to cost of land beneath the building of ₹3 lakh. It was used for personal purposes until he commenced business in June, 2014 and since then it was used for

CS Executive · Tax Laws and Practice · PYQS · December 2015
Sunil acquired a building for ₹15 lakh in June, 2012 in addition to cost of land beneath the building of ₹3 lakh. It was used for personal purposes until he commenced business in June, 2014 and since then it was used for business purposes. The amount of depreciation eligible in his case for the assessment year 2015-16 would be
(A) ₹1,50,000
(B) ₹75,000
(C) ₹37,500
(D) ₹1,21,500.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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