23 May 2016
As per IND AS 16 : Property, plant & Equipment, the definition provides that any asset used in the production or supply of goods or services or for Rental to others or for administrative purpose as fixed assets. Though the Accounting Standard 10: Accounting for fixed asset does not specifically describe this kind of asset, since the building will be shown in the books of the person who owns the building (as the other party is paying rent) and not owning the building. Depreciation can be claimed by the person in whose books the building is shown.