Capital Assets:

If a professional owns a property and only a portion is being used as office, then you can still show depreciation on a percentage of the property value. If you have taken a home loan on this property then make sure you do not claim the amount twice continuously. Always remember to deduct the business expense portion from your interest and principal re-payment claims before you show it under the capital asset depreciation.

Workplace Expenses:

A working professional can claim all the expenses related directly to his business. Here the list includes rent, repairs, office supplies, monthly telephone bills, internet bills, travelling expenses, entertainment and hospitality expenses which are connected with the business. These expenses must be spent full if in-case there is expenses, such as a mobile phone or a laptop, which is being used for both personal and professional use.

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