XYZ Pvt. Ltd. has purchased a flat in its name and is using it as its office. In the first year depreciation has been claimed on it. But from 2nd yr on wards it does not wish to claim depreciation on it. Can this be done?
2 Replies
Prashant Kini
(Article Assistant)
(154 Points)
Replied 13 September 2013
can u plz clarify the reason why the company does not want to charge depreciation on the flat?
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 13 September 2013
Dear Sir,
though the company might not claim it in its ITR, yet it is compulsory to claim it u/s 32.... thus, if the assessee don't claim it for a year (he can do so), but when the assessment is to be done for such A.Y., then the same will be allowed to the assessee... and all transactions are required to be done as the depreciation has been claimed by the assessee and allowed by the Dept. (it is deemed in such case)
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