depriciation on asset on lease

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26 June 2011 who will be entitled for depriciation in case of building and other asset - lessor or lessee?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 June 2011 It depends who has invested in the building. In case a building which is let out and against which rent is received then neither the lessor nor the lessee will get the depreciation.

In case the half completed building is leased out and the same is completed by a businessman then on the investment made by the lessee either he can claim the entire amount as revenue expense or he may treat the same as deferred revenue expenses till the lease period and write it off.

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