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Revaluation of Depreciated Factory Building

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(Querist)
06 June 2020 The depreciated value of the Factory building is Rs. 20,000/- but now the value of the same factory building would be about Rs. 20,00,000/-
What is the implication if the factory building is appreciated to Rs 20,00,000/- and dep is calculated the new value?
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
07 June 2020 Depreciation is calculated on actual cost. Actual cost is defined in Section 43(1) of IT Act. Increase in value of any assets by way of valuation does not forms the part of actual cost. Hence you cannot claim depreciation on that increased value of building.
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