Dear Friends,
Please let me know , how to calculate Lease hold land depreciation..
Ex:- Lease period - 50 years, Lease amount for 50 years Rs. 5,00,000/- paid at a time.
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Depreciation.....
Replies (4)
SIR, DO U MEAN, DEPRECIATION FOR LAND...IT IS NOT PERMISSIBLE UNDER INCOME TAX...
dear sir
first of all land is not a deprciable asset.secondly lessor is entitled to claim depreciation in case of lease.
Depreciation on Land is not permissible under the IT Act.
Sorry Tarun ,but i think in case of finance lease the leasee can charge depreciation in his books.
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