Weather dep on construction value or on land value
Querist : Anonymous
I have purchased the land Rs. 4256000/- for factory purpose hence i have passed accounting entry in my books i.e. Land Dr...4256000
To bank/cash...4256000
But now i have constructed factory on this land and spend Rs. 1246793/-
My query is...1) do i need to capitalized this construction cost with land....2) weather depreciation will be charged only on construction value or inclusive land value.....3) what is the percantage of depreciation as per IT act.
Thanks & Regards
Anil Mittal
2 Charge depreciation on construction cost only.
Querist : Anonymous
No dep is allowed on land as per IT act right,
Also tell me what is the percentage of dep on construction cost as per IT act.
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