7 Replies
Priya Kashyap
(Student)
(7053 Points)
Replied 03 July 2019
ch.h.c.sekhar
(1)
(60 Points)
Replied 03 July 2019
1.Ownership(includes Beneficial)
2.Used for business or profession.
Assessee should follow merchandise method(accrual) and maintaining assets under block wise.
Depreciation under IT Act is
a.Normal Depreciation(u/s 32)
b.Additional Depreciation
c.Investment Allowance(u/s 32AD)
Please refer Annexures for the above mentioned provision in IT Act,1961.
Priya Kashyap
(Student)
(7053 Points)
Replied 03 July 2019
ch.h.c.sekhar
(1)
(60 Points)
Replied 03 July 2019
As IT Act,Lessor only eligible to claim depreciation on leased asset based on some supreme court's judgement.
Priya Kashyap
(Student)
(7053 Points)
Replied 03 July 2019
and what if residential property being used in the business or profession
ch.h.c.sekhar
(1)
(60 Points)
Replied 03 July 2019
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