Depriciation
This query is : Resolved
Subhendu Kumar Biswal
(Querist)
07 July 2012
Our auditee has taken a land on a 200years lease at a cost of 1 crore. It wants to depriciate the cost at 10% WDV.Is it justified ? Please suggest.
CA CS Amit S. Kedia
(Expert)
07 July 2012
Yes, he can do so...
it depends on the uses of land also.. Generally, it is amortised over the period of lease.
it depends on the uses of land also.. Generally, it is amortised over the period of lease.
CA Prashant Gupta
(Expert)
07 July 2012
yes, you can AS-6 clearly say
This statement also does not apply to land unless it has a limited useful life
for the enterprise.
and in your case Land has limited useful life i.e. 200 yrs
This statement also does not apply to land unless it has a limited useful life
for the enterprise.
and in your case Land has limited useful life i.e. 200 yrs
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Form 144 TDS Return Validation Error – Mandatory Fields
- LLP audit and disclosure
- Rent agreement of House of deceased person
- Form 144 TDS Return Validation error
- TDS- 2026-27 Q1 Correction
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- 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
CAclubindia
