Depreciation not applicable on unused leased premises under Income Tax Act Section 32(1)(iii); applies if asset is sold/discarded.

Depreciation not applicable on unused leased premises under Income Tax Act Section 32(1)(iii); applies if asset is sold/discarded. https://www.taxtmi.com/highlights?id=21354 Depreciation on leased premises - there being no user in any earlier year, the same does not qualify to be depreciable asset, for the provision of section 32(1)(iii) to apply, i.e., on it being sold, discarded, destroyed, etc. - AT en-us Wed, 07 Jan 2015 20:01:19 +0530 Wed, 07 Jan 2015 20:01:19 +0530 TaxTMI RSS Generator Depreciation not applicable on unused leased premises under Income Tax Act Section 32(1)(iii); applies if asset is sold/discarded. https://www.taxtmi.com/highlights?id=21354 Depreciation on leased premises - there being no user in any earlier year, the same does not qualify to be depreciable asset, for the provision of section 32(1)(iii) to apply, i.e., on it being sold, discarded, destroyed, etc. - AT Highlights Income Tax Wed, 07 Jan 2015 20:01:19 +0530 https://www.taxtmi.com/highlights?id=21354