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depreciation on lease hold land
can depreciation be allowed u/s 32 for lease hold land?
Replies (8)
Lessee cannot claim depreciation under section 32 in the absence of legal ownership; to avail the benefit of depreciation lessee has to undertake the construction activity himself as per Explanation 1 ......... The Apex Court ...... Civil Appeal No. 3360 of 2006
Yes... I agreed to Mr Dhirajlal Rambhia Sir views and Opinions....
but lease hold land being an asset only for few years unlike normal land, shouldn't depreciation be allowed for the period of lease, lease being in the nature of financial lease?
When the Supreme Court of India has given its judgement on the subject...... all other ifs and buts of my mind gets vanished.
thank you for your view and comment sir
My Pleasure, Dear ....
As per Section 32 Depreciation can be claimed by Owner of property.
In Our Case Lessor can claim Depreciation of Leased Property. The lessee can claim lease expenses claim.
Fully agree with Dhiraj Lal sir comment
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