Depreciation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2010 Dear Sir,

A company is operating from a leasehold premises. It has made certain improvements in the premises. Can the depreciation be claimed under Income Tax Act for such improvements made since, he is not the owner of the main property.

Kindly mention any relevant case laws in this issue.

Please treat it as urgent.

RANGA SRINIVAS

RANGA SRINIVAS (Expert)
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04 November 2010 Dear

In order to claim depreciation, the assessee has to satisfy the following conditions:

1. Ownership
2. Usage

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 November 2010 As per explanation 1 to section 32(1) w.e.f 01/04/1988, in like situations, the tenant can claim depreciation for the capital expenditure incurred.

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