Depreciation for garden
This query is : Resolved
02 September 2011
one of my client has classified garden as capital assets. how should i treat it in income tax for depreciation.
02 September 2011
vacant lands and parks/ gardens are not eligible for depriciation, however if the garden is used with annexed buildings for business purpose then it would accounted with the annexed building only as per the slab of building used (residencial 5%, others 10%)
02 September 2011
Pls sate it with any case laws or section
02 September 2011
https://www.fastfacts.co.in/resources/DepIncomeTax.rtf
visit the link, here the assets begin with buildings only.
visit the link, here the assets begin with buildings only.
02 September 2011
usually land property does not invite depriciation, but when the land is converted to commercial buildings, the land value is vested in building, and depriciation gets available for set off against business income from said property.
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