Sec 32
This query is : Resolved
04 March 2009
As per sec 32,Depriciation will be claimed who is the owner of the asset and the asset should be use for business. Again if asset is acquired under hirepurchase agrement then the deduction would be avalaible to the lesse.Then it is not clashing with explanation to 4a of sec 43?
04 March 2009
Dear Sumit,
Explanation 4A to Section 43 provides the WDV for the assessee if he he is giving the asset on lease to person from he acquired. Here depreciation will be clamied by assessee on the WDV which was of for the person who has taken it on lease.
Explanation 4A to Section 43 provides the WDV for the assessee if he he is giving the asset on lease to person from he acquired. Here depreciation will be clamied by assessee on the WDV which was of for the person who has taken it on lease.
04 March 2009
why the lesse (Mr A) cannot claim depriciation on the asset acquired on hire purchase from the person (Mr B) who intially sold yhe asset to Mr B by Mr A?
In this case dep will be claim by Mr B as he is real ownwer which is aganist hire purchase rule to claim Dep
In this case dep will be claim by Mr B as he is real ownwer which is aganist hire purchase rule to claim Dep
04 March 2009
You cant apply Hire purchase rule in Income tax dear. Its for purpose of Accounting as provided in AS-19. You can't mix AS-19 and 43(1)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Error in uploading Form 10BD
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Gst on travel by air for business purposes
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Traces submitting correction statement error
- Banking Related Issue
- Residential status of non resident
- Mistake in e-invoice identified after 24 hours
- Short Term Gain Reporting ITR
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- ITR 44AD SECTION
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- Query regarding reporting of exempt foreign remuneration in ITR
- INWARD REMITTANCE FOREIGN
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
