Depreciation

I was using my office for H1 of FY-15-16 and leased it toa company from Nov onwards. Can i claim depreciation for H1 as i was operating from there from April 15 to Oct-15???
Asked 9 months ago in Income Tax from Pune, Maharashtra
Income tax department allows depreciation based upon "block of asset method". In case of sale, the value will be removed from the block and depreciation will be computed for the balance figure. FAR is different for income tax purpose and for accounting purpose.
Shashank Surana
CA, Chennai
60 Answers
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IF lease is in the nature of Finance lease then you cannot, otherwise you can 
Deepak Rathore
CA, New Delhi
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Dear Sir,

Yes sir, you can surely claim depreciation for the period. 


Trust this clarifies your query. 

Feel free to get back/ call back for any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB - GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
719 Answers
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What is the nature of business in H1.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Dear Sir,

You will not able to claim any depreciation in current year as position as on 31st March need to seen for determining depreciation eligibility. 

Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
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Dear Sir,

This depends on the nature of lease..if the lease is in the nature of operating lease, you can claim depreciation for the whole year for the purpose of income tax. However, if it is in the nature of financial lease, you cannot claim depreciation.

Regards,
CA Abhishek Dugar
caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
766 Answers
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