direct taxes
This query is : Resolved
14 March 2008
In case an asset is purchased under lease ,
should the depreciation be claimed by lessee/lessor
should the depreciation be claimed by lessee/lessor
pushpendra
(Expert)
14 March 2008
depreciation be claimed by lessee (who took the assets on lease and use for business purpose.)
S.Srinivasaraghavan
(Expert)
14 March 2008
For preparation of accounts under companies act the depreciation has to be claimed by lessee (if financial lease)
But for income tax assessment, the depreciation belongs to lessor.
But for income tax assessment, the depreciation belongs to lessor.
CA Praveen Chopra
(Expert)
14 March 2008
Mr.S.Srinivasaraghvan is absolutely correct
14 March 2008
UNDER COMPANIES ACT BY LESSEE AND UNDER THE INCOME TAX ACT BY LESSOR
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