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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.

CA. Subhash Dangi

CA. Subhash Dangi (Expert)

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

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