for example.... I took a building for 6
years on lease basis....
can I claim depreciation...under income tax act...
not having legal ownership of building , intangible rights are amortized , not depreciated .
4 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 07 January 2019
No... It's not Your Asset
Mohan Panwar
(52 Points)
Replied 07 January 2019
For claiming depreciation two conditions must satisfied
1.ownership
2. Asset used for the purpose of business
Since in above case only 2nd condition is satisfied, so depreciation is not allowed
1.ownership
2. Asset used for the purpose of business
Since in above case only 2nd condition is satisfied, so depreciation is not allowed
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