Depreciation is applicable on wip building ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2017
in proprietorship firm upto 30th jun.2016 we showing our own building under constriction and we have not charge any depreciation on this building but after complete of building can we charge depreciation our own building (in name of proprietor) using this building in business use. if depreciation is applicable than how much we charge and from which date onward.
10 March 2017
Yes you can charge depriciation @ 10% on building from date when construction gets completed
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