Please Help: Depreciation
Posted Date : 03-Dec-2016 , 10:07:20 pm | Posted By: Vijay
Category :
Income Tax | Answers :
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Dear experts,
A Machinery has been gifted by father to his son, whether son can claim depreciation on machinery even the RC is not on his name (SON) |
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| Posted By : ANSHUL |
05-Dec-2016, 10:53:59 |
| yes, as per section 32 the primary requirement is usage. It means depreciation can be claimed by the person who is using the asset irrespective of the ownership. Relevance is possession(beneficial ownership) irrespective of ownership.
My decision is on the basis ob judgement of honourable SC in case of ICDS Ltd v/s CIT and Mysore Minerals Ltd.. |
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