Question

Explain various rules regarding claim of deduction of depreciation

Answer 1

There are 3 conditions that need to be met to claim any kind of depreciation.

They are:

1. It can be claimed on particular measurable and non measurable assets.

2. Assets must be owned by the assessee.

3. Assets must be used only for business purposes. If all the above conditions are satisfactorily met, depreciation can be successfully claimed.