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Depriciation

This query is : Resolved 
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(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.
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CA CS Amit S. Kedia

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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.
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CA Prashant Gupta

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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
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