Depreciation on Building
This query is : Resolved
20 March 2010
Dear Sir/Ma'm
Please let us know should we charge deprecition on office building or not. If not, please let us know why in detail. Please let us know for land also.
Regards
Vijay Mishra
9311352965
Please let us know should we charge deprecition on office building or not. If not, please let us know why in detail. Please let us know for land also.
Regards
Vijay Mishra
9311352965
20 March 2010
yah ,
you should charge the deprecation on building,
you should charge the deprecation on building,
20 March 2010
Dear Vijay
Dep shud be charged on oofice building in accordance with sec 32 of income tax Act at the rate of 10% on WDV. Even if u dont charge dep on building it will deemed to have been allowed and WDV will be reduced by the amt of dep. There is no provioon in Income tax Act to charge dep on land and u cannot charge dep on land in income tax Act. Even if u charge the same it will be disallowed while calculating income under head business/profession.
The above provisions of IT Act has nothing to do with how u charge dep in accounts.
Thank You
Dep shud be charged on oofice building in accordance with sec 32 of income tax Act at the rate of 10% on WDV. Even if u dont charge dep on building it will deemed to have been allowed and WDV will be reduced by the amt of dep. There is no provioon in Income tax Act to charge dep on land and u cannot charge dep on land in income tax Act. Even if u charge the same it will be disallowed while calculating income under head business/profession.
The above provisions of IT Act has nothing to do with how u charge dep in accounts.
Thank You
20 March 2010
As per Sec. 32 building should be depreciated @10% on WDV. On Land there is no provision for depreciation.
20 March 2010
AGREE WITH EXPERTS
20 March 2010
agree
20 March 2010
Agree
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Dep. as per companies act
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Applicability of GST on Salary Reimbursement Component
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- UDIN ISSUE
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
