depriciation on land & building
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2011
If Mr.X has a land worth Rs. 5 lacs since 3 yrs. and charging no depriciation on it for 3 years.
In 4th year, he built a building over the land of Rs. 10 lakhs.
Now, will he be allowed depriciation on whole amount of Rs. 15 lakhs or just Rs. 10 lakhs in that 4th year?
In 4th year, he built a building over the land of Rs. 10 lakhs.
Now, will he be allowed depriciation on whole amount of Rs. 15 lakhs or just Rs. 10 lakhs in that 4th year?
28 June 2011
Depreciation should be charged only on building as no depreciation is allowed on land.
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