How to Calculate Depreciation on Lease Property ??
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Depreciation on Lease Property
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Quick Summary
Lessee cannot claim depreciation under section 32 in the absence of legal ownership
Section 32 allows depreciation on buildings, etc., which are owned by the taxpayer and used for its business and profession.
YES DEPRECIATION CAN BE CLAIMED PROVIDED ITS NOT A LEASED PROPERTY.
It's a Shop Premises & lease under agreement for a period of 30 years .
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