Deemed plant & machinery
This query is : Resolved
Souvik Kumar Ghosh
(Querist)
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
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
(Expert)
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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