Dep. on land and building

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012
Company purchased a building. Agreement for purchase does not include a separate value for Building and for land on which it is constructed. Only one combined value is mentioned in the agreement. Now my query is that,for income tax purpose, on what amount i should claim a depreciation? on total agreement value or on only the value on building and not land? if only on value on building, then how will i bifurcate the value of land and building? is there any case law for the same?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

23 April 2012 Get a Govt Approved Valuer certificate for the value of land vis a vis building. (This seems to be a purchase of BUNGALOW)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Lalan Kumar Jha

Vidit Ratanghayra

Suneel Shah

Ravikumar

Ritesh Panpaliya

Subscribe Now

Dep. on land and building

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

GST CONSULTANCY

Manager- Finance and Compliance

CA Final

GST CONSULTANT