What are the conditions regarding the claim of deduction of depreciation?
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Conditions for claiming depreciation:
1. Depreciation is allowable only for certain tangible and certain intangible assets.
2. Assets should be owned by the assessee.
3. Assets should be used by the assessee for the purpose of business or profession.
Once the above 3 conditions are satisfied, depreciation shall be allowed irrespective of the assessee has claimed the deduction while computing the total income.
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