Depreciation on land & building
This query is : Resolved
RAJ KUMAR JHA
(Querist)
06 August 2013
Can we charged depreciation on land or building? If Yes what rate of depreciation?
06 August 2013
If land & building is shown as a consolidated amount in the books, then depreciation is applicable.
Depreciation under Income Tax is as under:
Residential Building - 5%
Other Building - 10%
Depreciation under Income Tax is as under:
Residential Building - 5%
Other Building - 10%
CA Prashant Gupta
(Expert)
06 August 2013
agree with expert.
but you in Q or word is used. So I am taking land and building separately.
if separate then as per AS-6 if land has limited time value then depreciation can be used else no depreciation on land.
but you in Q or word is used. So I am taking land and building separately.
if separate then as per AS-6 if land has limited time value then depreciation can be used else no depreciation on land.
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