Income Tax on Immovable Property Under Section 43CA

Section 43CA is related to computation of income in case of transfer of land or building (other than a capital asset). According to section 43CA, if the consideration received by an assessee on sale or transfer of immovable property is less than the stamp duty value, then, the value so adopted shall be deemed to be the full value of consideration for the purpose of computing income under the head 'Profits & Gains of Business or Profession'.

Rate of Depreciation on Commercial Property

1. Commercial Building, furniture and fittings, etc. : 10%
2. Machine, Plant, Car, Motor Cycle etc.: 15%
3. Bus, Truck, Taxi Car, etc. : 30%
4. Computers, Laptops, Computer Software, Printer, etc. : 40%
5. Books owned by assessee : 40%

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