for example.... I took a building for 6
years on lease basis....
can I claim depreciation...under income tax act...
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depreciation.
Replies (4)
not having legal ownership of building , intangible rights are amortized , not depreciated .
No... It's not Your Asset
For claiming depreciation two conditions must satisfied
1.ownership
2. Asset used for the purpose of business
Since in above case only 2nd condition is satisfied, so depreciation is not allowed
1.ownership
2. Asset used for the purpose of business
Since in above case only 2nd condition is satisfied, so depreciation is not allowed
thanks to all..answers....thank u..
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