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Capitalisation of asset

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(Querist)
23 May 2012 Can we capitalise building, which is constructed on a rented land? if yes, under which section?
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Soumitra Basu

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Soumitra Basu (Expert)
25 May 2012 Yes. Provided it is a new asset. Section to be referred as section 43. You will also entitle to depreciation under section 32.

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