I HAVE LEASED HOLD PROPERTY OF MIDC LAND FOR 99 YEARS , CAN WE CLAIM DEPRECIATION ON LAND
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CAN WE CLAIM DEPRECIATION ON LEASE HOLD LAND
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Indian Accounting Standard 19 on `Leases' provide that in case of an operating lease, the lessor shall be eligible to claim depreciation in respect of leased asset; whereas in a finance lease the lessee becomes the economic owner of the asset and, therefore, should be entitled to claim depreciation on the leased asset.
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