Urgent - Depreciation on bldg
This query is : Resolved
Yasmin Salim Shaikh
(Querist)
01 July 2009
Dear Sir,
TO further raise my query with due regards to ur solution, i want to know that if i own a flat it'll b included in the bldg & i can claim deprn on it. But how come deprn is charged when there nevere b a decline in the prices of real estate?
Basically i want to know the reason behind we claiming deprn on bldg.
Thanks
TO further raise my query with due regards to ur solution, i want to know that if i own a flat it'll b included in the bldg & i can claim deprn on it. But how come deprn is charged when there nevere b a decline in the prices of real estate?
Basically i want to know the reason behind we claiming deprn on bldg.
Thanks
14 March 2012
Depreciation is allowed on building and NOT land. The value of LAND never diminishes.
The purpose of providing depreciation on BUILDING is to account for the normal wear & tear in the building.
The purpose of providing depreciation on BUILDING is to account for the normal wear & tear in the building.
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