Hey friends,what will be the rate of depreciation of a land(total 11000 sq.ft.) in which building has been constructed on 2000 sq. ft. and on remaining 9000 sq. ft. shed has been constructed???
Menu
Dep on land and building!
Replies (2)
Actually there is no dep on land anywhere in the world bcoz it dosn't loses its size & the value of land is always uprising as years pass by !! But both buildings & other temporary constructions like sheds are liable 2 applicable dep (the rate depends on the lifetime of the asset, which may vary in number ) ...
I have attached a depriciation rate chart for your perusal. there will be no depriciation on land only superstructure constructed on them would be depriciable as per the file enclosed.
If the land is a lease hold land then the lease premium would be propotionetly written off over the life of the lease, further if any land development charges have been incurred then such expeneses would be added to the leasehold value and written off accordingly
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
