if I have a aggrement with a party
who is leasee of my asset & agreement has mentioned that asset will return with appreciated value. then wether I have to enter depreciation in account.
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depreciation
Replies (3)
on such asset
No. You have to appreciate the value of asset. Appreciation means addition.
If you are in the business and you have leased one of your asset to the lessee you can claim deprecation on the asset. Even otherwise If you show income under other sources you can claim depreciation under section 57. If appreciation is just the lease payments then itshould be booked as income and not added to the asset.
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