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Under income-tax provisions, depreciation on lease asset is allowed to:

<p>a- Lessor</p> <p>b- Lessee</p> <p><span>c- Any of the two</span></p> <p><span>d- None of the two</span></p> <p> </p>

Accounting Cost Accounting Financial Accounting Financials Finance
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Question ajoutée par Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town
Date de publication: 2014/12/05
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Fawzy Ahmed Salim El-Shabiby
par Fawzy Ahmed Salim El-Shabiby , Accountant , Servtel Information, Security, and Telecommunication Network Limited

The answer is:  A) Lessor

Urslan Ali
par Urslan Ali , Supervisor Finance, Logistics , Sevens LLC - Al Naboodah Group

the person to whom risks and rewards has been transfered or who have to bear al gains and losses.

Khurrum Iqbal
par Khurrum Iqbal , Accountant , Akun Logistic Services

In case of operating lease, lessor (A), it could be lessee (b) in case of finance lease

Ednalyn Banuelos, CMA
par Ednalyn Banuelos, CMA , Projects Accountant , Grade Ref., LLC

Either choice A or B. Refer to Mr. Ayman for further info.

Malik Khalid Mahmood
par Malik Khalid Mahmood , Regional Finance Manager , Leosons International FZ LLC

Lessor - A

Basit Ali
par Basit Ali , Director of Engineering , Laverda Suites & Villas / Blue Bay Resorts

Option A Lessor

AHSAN AKHLAQ
par AHSAN AKHLAQ , accounts manager , sapphire plastic pvt ltd

b= lessee

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Agree with Ayman.

Who is to bear the loss of the asset? He is eligible for-depreciation as per the terms of the lease agreement and the type of the lease.

Alex Al Yazouri
par Alex Al Yazouri , General Manager , Al Mushref Cooperative Society

Correct answer is  a- Lessor

Altaf Bhoon ACA
par Altaf Bhoon ACA , Assistant Finance Manager , Atlantic Maritime Group FZE

Its depend on the local regulation. In some countries Tax authorities do not allow depreciation on leased assets. But conceptually it is should be allowed to Lessee in case of finance lease.

MALIIK SOHAIL ABBAS
par MALIIK SOHAIL ABBAS , ACCOUNTS MANAGER , AL RAWDAH GREEN SWEET WATER

OPTION A IS THE CORRECT

 

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