Land depreciation %

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2012 Dear Sir,

We have purchased Land in mumbai. Kindly inform me how much % of Depreciation we have considered? Urgent Reply.

CA PARAS BAFNA (Expert)
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19 April 2012 Land is not treated as a Depreciable asset so no need to do this exercise.

Mihir Doshi (Expert)
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19 April 2012 Land has indefinite life. There is no need to charge depreciation over it.

Thanks
Mihir Doshi

CA PRAVEEN SINGH (Expert)
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19 April 2012 AGREE WITH ALL ABOVE.
LAND IS NOT A DEPRECIABLE ASSETS.
INDEFINITE LIFE.NO DEPRECIATION.

CA Kishore Tallam (Expert)
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19 April 2012 Land is not a depreciable asset. Hence, no depreciation.

Querist : Anonymous

Querist : Anonymous (Querist)

21 April 2012 But if we have purchased propery for office use then it is applicable or not if yes then how much is applicable ?

CA Kishore Tallam (Expert)
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21 April 2012 It is buildings, then it is depreciable @5% WDV and 1.63% SLM as per Companies Act and 10% as per Income tax act.

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