Depreciation of assets transferred on rent
This query is : Resolved
20 November 2014
Our sister concern has tranferred the
operation a maize production plant to
our firm worth 3 crore for a monthly
lease rent of 10000/- per month . The
ownership of asset will remain with
them. We have to operate the unit. No
book entry regarding transfer is made in
the books o f both parties . In this case
who is eligible for claiming depreciation
of the transferred assets?
20 November 2014
Depreciation would be claimed by the firm which is currently using the plant for production..
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