depreciation on construction work in progress
This query is : Resolved
19 June 2010
is depreciation allowable on construction work in progress.
Assessee is a school whose building construction is in progress
Assessee is a school whose building construction is in progress
19 June 2010
As per Section 32 depreciation shall be allowed when any asset is used for business or profession. As you have mentioned that building is under construction then how can you use it in business or profession? So if you are not able to use it for business or profession depreciation shall not be allowed
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