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+--- Thread: RE LEASING & VALUATION (/showthread.php?tid=7723)
RE LEASING & VALUATION - imransubhan - 03-31-2010
I need your help that I leased an assets (operating lease) after complition of leasing booked such assets by its deposit amount, i revaluate such assets which is higher than its leasing purchase deposit. Can i release such assets by its revaluated value? is there any section according to income tax laws?
please help me
thanks
- A.A - 04-17-2010
According to Income Tax laws,leased assets are not considered your property therefore,no depreciation expenses are allowed.Instead all the lease payments that you make are an allowable business expense.