Income Tax
This query is : Resolved
25 September 2010
Can assessee claim depreciation on assets outside India??? pls answer my question
25 September 2010
Yes assessee can claim.
Conditions for allowance [Section 32(1)]
1.The assets must be owned, wholly or partly, by the assessee.
2.Co-owners are entitled to claim depreciation to the extent of the value of the asset owned by each co-owner.
3.The asset should be actually used for the purpose of business or profession of the assessee.
4.Depreciation is not allowable on the cost of land.
5.Depreciation will be allowed if due, irrespective of whether or not it is claimed by the assessee. [Explanation 5 to section 32(1)(ii)] .
Conditions for allowance [Section 32(1)]
1.The assets must be owned, wholly or partly, by the assessee.
2.Co-owners are entitled to claim depreciation to the extent of the value of the asset owned by each co-owner.
3.The asset should be actually used for the purpose of business or profession of the assessee.
4.Depreciation is not allowable on the cost of land.
5.Depreciation will be allowed if due, irrespective of whether or not it is claimed by the assessee. [Explanation 5 to section 32(1)(ii)] .
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