Depreciation on assets bought on finance lease
This query is : Resolved
13 July 2014
who is authorised to capitalise the fixed Assets taken on finance lease and who can claim depreciation as per it act , whether to lessor or lesse?
Guest
Guest
(Expert)
02 August 2014
In case of Finance Lease, it is the Lessee who can capitalize the Asset in his books as per AS 19.
But, as per IT Act, it is the lessor who can claim the depreciation for that asset. Hence, a deferred tax aspect will arise in this case.
But, as per IT Act, it is the lessor who can claim the depreciation for that asset. Hence, a deferred tax aspect will arise in this case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TWO FIRM NAME IN ONE GST NUMBER
- ITR -1 Filing
- Section 54 f disallowed will be taxed at what rate
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Transfer of rectification rights to ao
- TDS whether applicable or not in case of Flat purchase
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Eway issued more than one
- Trust 10AB form required for old asst. years?
- SEA GOING ALLOWANCE
- Utilisation of cgst cash ledger balance first to pay cgst liability instead of cgst credit ledger ba
- Pension Misclassification and Correction in Filed ITRs
- Gratuity payment criteria
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
Trending Online Classes
CAclubindia
