Depreciation on Lease Property

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ACCOUNTS MANAGER
2213 Points Posted on 22 March 2022

How to Calculate Depreciation on Lease Property ??

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On 22 March 2022 at 14:29 Report
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This discussion clarifies whether depreciation can be claimed on lease property under Section 32. Generally, depreciation is only allowed on assets owned by the taxpayer. However, if you have a shop premises leased under a 30-year agreement, you may still be able to claim depreciation, provided you meet specific ownership criteria.

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CA Final
592 Points Posted on 22 March 2022

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.

 

 

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On 22 March 2022 at 19:09
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Profession
28271 Points Posted on 23 March 2022
YES DEPRECIATION CAN BE CLAIMED PROVIDED ITS NOT A LEASED PROPERTY.
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On 23 March 2022 at 08:01
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ACCOUNTS MANAGER
2213 Points Posted on 23 March 2022

It's a Shop Premises & lease under agreement for a period of 30 years .

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On 23 March 2022 at 12:51

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