whether leasehold improvements
This query is : Resolved
20 June 2010
whether leasehold improvements i.e.
improvements which are made on the leasehold land is eligible for Depreciation under IT Act, 1961
improvements which are made on the leasehold land is eligible for Depreciation under IT Act, 1961
23 June 2010
In case of leases, since ownership is not transferred to the lessee, he can not claim depreciation. As per IT act, to claim dep, the assessee must be the owner of the asset. However, the lease rentals paid can be claimed as exp.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
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