Computation of capital allowances
35. (1) The amount of capital allowances referred to in clause (c) of sub-section (1) of section 32 shall be the aggregate of the amount in respect of,-
(a) depreciation of business capital assets;
(b) initial depreciation of business capital assets;
(c) terminal allowance; and
(d) scientific research and development allowance.
(2) The depreciation, initial depreciation or terminal allowance, referred to in subsection (1), shall be allowed in respect of any business capital asset if the asset is,-
(a) owned, wholly or partly, by the person; and
(b) used for the purposes of the business of the person.
(3) The condition referred to in clause (a) of sub-section (2) shall not apply in the case of a business capital asset being a capital expenditure on any building which is held by the person under a lease or other right of occupancy.
(4) A business capital asset shall be deemed to be owned by the person if he is a lessee in terms of a financial lease.
