Anmol Singh Arora (Accounts Audit & Tax Assistant) (49 Points)
07 June 2013Dear Sir,
Can depreciation be claimed on leasehold improvements as per Income Tax Act? If yes then at what rate ?
In my case, along with tile fitting & office construction there is also a fees paid to architect Rs.75,000. This fees should be capitalised under which head?
Please share your views.
Thank You.
K S Ramya
(Audit manager)
(71 Points)
Replied 07 June 2013
Depreciation on lease hold premises is claimable as per IT Act. In your case apply 10% depreciation rate (building).
Anmol Singh Arora
(Accounts Audit & Tax Assistant)
(49 Points)
Replied 10 June 2013
Thank You for sharing your views.
But what about depreciation on architect fees. Should that also be claimed @ 10% under land building?
Santoshkumar Patil
(Partner)
(25 Points)
Replied 14 August 2018
Yes, architect fees has to be added to total cost of Leashold Premises.
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