Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2011
1) We had puchase freehold land for the year ended 31.03.11 to be use for factory bldg since it was only land we didn't povide depreciation and we have constructed factory bldg on it.
for this year Depreciation will be allowed only on cost of bldg or plus land?
2) We have made half yearly Balancesheet Dt 30.09.11. We have provided depreciation as per IT act on WDV method for the second half. Can we provide depreciation on 1st half WDV as per IT act?
for this year Depreciation will be allowed only on cost of bldg or plus land?
2) We have made half yearly Balancesheet Dt 30.09.11. We have provided depreciation as per IT act on WDV method for the second half. Can we provide depreciation on 1st half WDV as per IT act?
15 December 2011
Depreciation will be calculated on the total value of land and building.
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