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???
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Dep on land and building!
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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
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