Deemed plant & machinery

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Souvik Kumar Ghosh (Querist)
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16 March 2014 Dear Members,

Are there any Provisions for Plant or Furniture which are similar to the Concept of "Deemed building" under Explanation-1 to Sec-32 under the IT Act? If not then how will the capital expenditure made by a person on Plant which is taken on rent by him be dealt with under the IT Act?

Regards,
Souvik Ghosh

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 March 2014 there is no such deeming fiction for plant and machinery/furniture...either you get the expense claim under section 30/31 provided the expenditure can be covered as current repair. if not the same can be claimed under section 37.

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