Can a person claim depreciation on land on lease without transferring ownership???if yes how??otherwise what is the other way out??please suggest??huge confusion
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 05 April 2013
From an accounting standpoint, simplistically, lease can be classified in three forms – finance lease, operating lease and hire purchase. A lease is classified as a finance lease if it is for the entire economic life of the asset and under the lease arrangement all risks and rewards incidental to the ownership of the asset is transferred to the lessee.
Dr. M. C. Gupta (Associate Professor) 05 April 2013
The answer is a big "NO"
Priya (trainee) 06 April 2013
Ya thats Ok...is there any other way than lease of land to claim any of the tax benefit
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