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 1 year 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
4.3 on 5.0
  Talk to Shashank Surana
IF lease is in the nature of Finance lease then you cannot, otherwise you can 
Deepak Rathore
CA, New Delhi
23 Answers
5.0 on 5.0
  Talk to Deepak Rathore
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
1272 Answers
5.0 on 5.0
  Talk to Rohit R Sharma
What is the nature of business in H1.
Shyam Sunder Modani
CA, Hyderabad
1343 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
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
559 Answers
5.0 on 5.0
  Talk to Vishrut Rajesh Shah
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
1368 Answers
5.0 on 5.0
  Talk to Abhishek Dugar

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
1368 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1272 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
1343 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
188 Answers
5.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
580 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
559 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
297 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
213 Answers
4.2 on 5.0
Lalit Bansal
CA, New Delhi
196 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
381 Answers
5.0 on 5.0