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Depreciation of land
It is always said that land is a non depreciable asset ,but sometimes its value decreases,for example when airport is made near a land then the value of land decreases as people can not make multiple floor building on the land. so what is it's accounting treatment??
Replies (2)
Only capital Gains/loss when transfered; as its [non-depreciable] capital asset.
if you are carrying on business and showing land as an asset in your BS then any appreciation/depreciation will be realised as profit/loss when land is revalued
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