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(Querist)
14 March 2008 In case an asset is purchased under lease ,
should the depreciation be claimed by lessee/lessor
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pushpendra

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pushpendra (Expert)
14 March 2008 depreciation be claimed by lessee (who took the assets on lease and use for business purpose.)
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
14 March 2008 For preparation of accounts under companies act the depreciation has to be claimed by lessee (if financial lease)
But for income tax assessment, the depreciation belongs to lessor.
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
14 March 2008 Mr.S.Srinivasaraghvan is absolutely correct
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
14 March 2008 UNDER COMPANIES ACT BY LESSEE AND UNDER THE INCOME TAX ACT BY LESSOR

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