depreciation us 32

Depreciation on Building Not Owned by Assessee Allowble !

depreciation us 32When a question of allowing depreciation is considered, first criteria that comes to mind is whether the asset on which expenditure was made is owned by the assessee .This is so because section 32 menations “in respect of depreciation of …………..owned wholly or partly , by the assessee and used for the purpose of business or profession………..”. So, what happens when a businessman takes a premises on lease and rinoovates it to make it useful for his business . Will the depreciation on capital expenditure made on such leasehold premise be allowble ?