Assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 October 2012
Dear Sir,
Suppose an assessee has a ice factory, and value of land would be Rs. 30 lacs and building thereon would be around Rs. 5 lacs and cost of plant established thereon would be aruond Rs. 3.5 lacs.
Now please advise me, while making balance sheet, I should place assets as-
1. land -
2. building -
3. plant -
or I should place only building and plant for depreciation purpose, as-
1. building -
2. plant -
and what should be depreciation rate on building.
Thanks and Regards.
Suppose an assessee has a ice factory, and value of land would be Rs. 30 lacs and building thereon would be around Rs. 5 lacs and cost of plant established thereon would be aruond Rs. 3.5 lacs.
Now please advise me, while making balance sheet, I should place assets as-
1. land -
2. building -
3. plant -
or I should place only building and plant for depreciation purpose, as-
1. building -
2. plant -
and what should be depreciation rate on building.
Thanks and Regards.
25 October 2012
Disclose each type of assets separately as
1. Land
2. Building - Depn @ 10% as per IT Act
3. Plant & machinery - Depn @ 15% as per IT Act
1. Land
2. Building - Depn @ 10% as per IT Act
3. Plant & machinery - Depn @ 15% as per IT Act
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