My client has been taken running factory on rent @ 75000/- pm. Owner of factory is having his own trading business in same premises. In other word my client is manufacturer & owner is trader. My question is 1) Whether my client is eligible to claim depreciation on plant & Machinery & factory building & other equipment under income tax act? 2) If yes, what are the journal entries in my clients books regarding fixed assets & in the books of owner. please solve query thanks
CAclubindia
