Depreciation

This query is : Resolved

CA.Tanveer (Querist)
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09 April 2014 wht will be the wdv if house property is converted into an office after using the same for 3years and 6 months

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 April 2014 on land there is no depreciation that can be applied but the valuables that is to be used needs to be depreciated seperately like sofa set , if is to be used for business.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 April 2014 in such a case explanation 5 to section 43(1) shall apply. the cost of the building as reduced by the depreciation (as it would been charged had the building been used for business from day 1) shall be the cost of the building in business books.

for the other assets within the building such as furniture etc shall be brought in the business at any agreed cost.

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