Depreciation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 November 2010
Dear Sir,
A company is operating from a leasehold premises. It has made certain improvements in the premises. Can the depreciation be claimed under Income Tax Act for such improvements made since, he is not the owner of the main property.
Kindly mention any relevant case laws in this issue.
Please treat it as urgent.
A company is operating from a leasehold premises. It has made certain improvements in the premises. Can the depreciation be claimed under Income Tax Act for such improvements made since, he is not the owner of the main property.
Kindly mention any relevant case laws in this issue.
Please treat it as urgent.
RANGA SRINIVAS
(Expert)
04 November 2010
Dear
In order to claim depreciation, the assessee has to satisfy the following conditions:
1. Ownership
2. Usage
In order to claim depreciation, the assessee has to satisfy the following conditions:
1. Ownership
2. Usage
04 November 2010
As per explanation 1 to section 32(1) w.e.f 01/04/1988, in like situations, the tenant can claim depreciation for the capital expenditure incurred.
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