No, under Indian tax laws, individuals cannot claim depreciation on a residential house property used for self-occupation or letting out. Depreciation is only allowed on properties used for business or profession.

For business properties, the Income Tax Act allows depreciation on the building component (not the land). The standard rate for commercial buildings is 10% per annum on the Written Down Value (WDV) method.

While land generally appreciates, the physical structure (building) depreciates due to wear and tear. Over decades, the cost of the structure becomes negligible, and the property's entire value is derived from the land.