Depreciation on assets taken on rent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2015 Dear Sir,

Can anyone let me known about Depreciation on assets taken on rent.

can we charge the depreciation on them ??

Vishnu Saboo

Vishnu Saboo (Expert)
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06 May 2015 i dont think so, as you are paying rent and claiming it as expenses, so claiming depreciation altogether must not allowed as you are not the owner.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 May 2015 You can not avail dual benefit. Both Rent paid and Depreciation can not be claimed. Further Depreciation can be claimed on assets owned not on asset taken on rent.