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Q. > Please Help: Depreciation
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)
Experts Panelist
Rambabu Senkarasetti
Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT
Answers Posted : 409
CA Satuti Mahajan
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Vikash Kumar Jha
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Rishabh Upadhyay
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Ashish Karundia
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Mrattunjay
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PRIYANKA
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CA. SURESH Kr. AGARWAL
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Vaneet Gupta
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Ketan Samdani
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Comments
ANSHUL
05-Dec-2016 , 10:53:59 pmyes, 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..
Pankaj kumar jha
08-Dec-2016 , 05:24:00 pmI also agree with Anshul Jee