Depreciation on leasehold premises ?
This query is : Resolved
CMA. Subhash Kumar Jha
(Querist)
26 May 2009
We are a pvt ltd co. & run in a leasehold premises. Its a lease for 2 years.
We have made wooden cabins / workstations / electrical fittings in this premises.
All of these cost around 16 lacs Rupees. The premises was put to use during May, 2008.
What should be treatment of Depreciation in income tax Act & In companies act.
Thanks
Subhash
We have made wooden cabins / workstations / electrical fittings in this premises.
All of these cost around 16 lacs Rupees. The premises was put to use during May, 2008.
What should be treatment of Depreciation in income tax Act & In companies act.
Thanks
Subhash
Vipul J. Bhavsar
(Expert)
26 May 2009
Assuming that the company wants to stay in the business for a long period. i.e. more than one year, the company should capitalise the assets that have been installed in the leasehold premises. Wooden Cabins/electrical fittings should be treated as Furniture and Fittings. Workstations as Computers etc.
Accordingly depreciation should be claimed from May 2008
Accordingly depreciation should be claimed from May 2008
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Ito add credit side of bank
- GSTR9 Annual Return
- Employee secondment
- Gift to nri relatives resides in usa
- LLP audit and disclosure
- Capital gain on commercial property and investment in residential property
- Applicability of tax on invoice
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- GST ITC as per notification 12/2023- central tax
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
