Land depreciation %

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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)

19 April 2012 Land is not treated as a Depreciable asset so no need to do this exercise.

Mihir Doshi (Expert)

19 April 2012 Land has indefinite life. There is no need to charge depreciation over it.

Thanks
Mihir Doshi

CA PRAVEEN SINGH (Expert)

19 April 2012 AGREE WITH ALL ABOVE.
LAND IS NOT A DEPRECIABLE ASSETS.
INDEFINITE LIFE.NO DEPRECIATION.

CA Kishore Tallam (Expert)

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)

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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