dep. on block of assets
This query is : Resolved
CA Vikas Agrawal
(Querist)
13 August 2008
pl. solve my under mentioned quey.
if x bought a Building some year before( i.e.,01/07/05) for rs. 100000, he used this building for his self occupied residence, but later dated 01/09/07, he convert this building for business purpose.
then at what amount Depreciation will be calculated ( rate of dep. 10%)
if x bought a Building some year before( i.e.,01/07/05) for rs. 100000, he used this building for his self occupied residence, but later dated 01/09/07, he convert this building for business purpose.
then at what amount Depreciation will be calculated ( rate of dep. 10%)
Satish K Sekhar.ACCA
(Expert)
13 August 2008
Depreciatin would be caluculated from the date on which the asset put to use for the business and the amount on which depreciation should be charged is original value of acquisition of property or the amount now considered in the books of account of the business (must not be less than the value of acquisition).
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