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Depreciation as per companies act

This query is : Resolved 
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(Querist)
19 March 2013 Dear Friends

in company , there is fixed Assets , the company has given the said Assets on rent now , income side of Profit and Loss account it shows the rent income
whether the company can claim the depreciation on the said Assets as per Company's Act?
Kindly advice me
CA RIkin J shah
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harleen batra

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harleen batra (Expert)
20 March 2013 In your case fixed assets have been able to generate income for the business. Rental income will be calculated as other business income as per sec 28 and company is eligible for depreciation also.
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harleen batra

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harleen batra (Expert)
20 March 2013 In your case fixed assets have been able to generate income for the business. Rental income will be calculated as other business income as per sec 28 and company is eligible for depreciation also.
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