Depreciation on renovation of leasehold property

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Can we claim depreciation on Fixed Furniture attached to wall in case of leasehold shop or store?

Can we claim depreciation on extensive renovation made (like flooring, lighting, painting etc.) on leasehold shop or store??? or should we claim it as Revenue Expenditure as per section 30 of Income Tax Act 1961???

Replies (2)
if the furniture and fitting belongs to the lessee then he can claim depreciation on it. expenses on paint is of revenue nature and can be claimed as expense

Hope the following link might help you

/forum/depreciation-claims-on-renovations-in-leased-premises-15096.asp#.VR0zjPyUdb4

 

 


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