How to Calculate Depreciation on Lease Property ??
3 Replies
Ashok kumar
(CA Final)
(587 Points)
Replied 22 March 2022
Lessee cannot claim depreciation under section 32 in the absence of legal ownership
Section 32 allows depreciation on buildings, etc., which are owned by the taxpayer and used for its business and profession.
sabyasachi mukherjee
(27574 Points)
Replied 23 March 2022
YES DEPRECIATION CAN BE CLAIMED PROVIDED ITS NOT A LEASED PROPERTY.
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 23 March 2022
It's a Shop Premises & lease under agreement for a period of 30 years .
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