Dear Sir,
Can depreciation be claimed on leasehold improvements as per Income Tax Act? If yes then at what rate ?
In my case, along with tile fitting & office construction there is also a fees paid to architect Rs.75,000. This fees should be capitalised under which head?
Please share your views.
Thank You.
Depreciation on lease hold premises is claimable as per IT Act. In your case apply 10% depreciation rate (building).
Thank You for sharing your views.
But what about depreciation on architect fees. Should that also be claimed @ 10% under land building?
Yes, architect fees has to be added to total cost of Leashold Premises.
CAclubindia
