full time trader can deduct emi on office property loan?
Hi, no you can’t deduct EMI on office property loan however you can deduct the interest paid.
Yes u can
does the depreciation amount deduct from income or tax liability.
suppose my annual income in 10 lacs. I bought laptop with 1.5 lacs
as per new tax regime my tax liability on 10 lacs income would be 78,000.
now 40% depreciation on 1.5 lac laptop is 60,000.
so this 60,000 will be deduct from 10 lacs income than I have to calculate tax liability or it will be deduct from tax liability which is 78K as per above example.
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From income
Hello
Depreciation on a business asset can be claimed as a business expense against the profits. Thus, it will be deducted from your business income and tax would be calculated on the net income.
You can read more about depreciation here - Depreciation under Income Tax Act