Operating lease
This query is : Resolved
11 February 2008
In case of Operating lease whether lessor is entitled to deduction of depreciation under income tax law?
S.Srinivasaraghavan
(Expert)
11 February 2008
Under section 32 (1) of the income tax Act 1961 depreciation on fixed assets will be allowed only to assessees who 'owns' them. If the lessor is the owner he is entitled.
jegannath G
(Expert)
11 February 2008
In Operating lease , the lessor is the owner of the assets & the woner can claim depreciation in income tax as well as in books of accounts
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