Depreciation rate?

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CA.M.KALICHAMY

CA.M.KALICHAMY (Querist)
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07 February 2013 Dear Expert
How to depreciate/amortisize land cost for mining industry?

What is rate of depreciation?

CA Kishore Tallam

CA Kishore Tallam (Expert)
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08 February 2013 It can be depreciated over the lease period.

CA.M.KALICHAMY

CA.M.KALICHAMY (Querist)
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08 February 2013 Mr.Kishore,Thanks for your reply.

Can you give source for completing understand.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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08 February 2013 There is no specific law prescribed how to depreciate leasehold land. But generally it will be depreciated over its expected economic useful life. If the economic useful life or pattern of getting the benefits is different, then you can choose a different depreciation policy.

CA.M.KALICHAMY

CA.M.KALICHAMY (Querist)
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08 February 2013 ok.Can we amortisize cost of land used to extract mine products?

CA Kishore Tallam

CA Kishore Tallam (Expert)
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08 February 2013 If it is a leased land, then it has to be amortised as discussed earlier.
But if it is a own land, it cannot be amortised.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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08 February 2013 If it is a leased land, then it has to be amortised as discussed earlier.
But if it is a own land, it cannot be amortised.

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