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Fixed assets

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(Querist)
01 August 2013 In a construction company we purchased a cabin (Container) for rs. 2.5 lac which uses as office at construction site. Which type of assets is this. What rate of depreciation should be applicable for this?

Need direction

Thanks in advance
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Guest (Expert)
02 August 2013 02.08.2013

Dear Sir / Madam,

The Cabin that is being used at the construction site is to be treated as a Fixed Asset to be depreciated over the envisaged period of construction at the site. If the period is not ascertained, you should provide for Depreciation @ 15% per annum on reducing balance method.

Regards,
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