fixed assets
This query is : Resolved
24 October 2009
If a director of a pvt ltd co. purchases a property in his name and the same is used for the purpose of business of company then can the company claim the depreciation on the building by taking it as a fixed assets in the books of the company or the director should rent out the property to the company and the company should claim rent as expenditure. kindly clarify
24 October 2009
Campany cannot claim depreciation on the assets which are not in the name of company
24 October 2009
For claiming depreciation one of the condition is- The assets must be owned, wholly or partly, by the assessee.
Further:-
Where the business or profession is carried on in a building not owned by assessee and any capital expenditure is incurred for construction of any structure or for renovation, improvement or extension of the building then depreciation will be allowed in respect of such capital expenditure at the rates prescribed for "building".
Further:-
Where the business or profession is carried on in a building not owned by assessee and any capital expenditure is incurred for construction of any structure or for renovation, improvement or extension of the building then depreciation will be allowed in respect of such capital expenditure at the rates prescribed for "building".
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