Depriciation on immovable property
Suppose, I have purchase a building Rs. 10 Lacs. In sale deed, there is clearly mentioned the amount of Land & building seperately i.e. suppose 7 Lacs for land and Rs. 3 Lacs for building. on which amount i have to calculate depriciation.
Replies (1)
Depriciation shall be claimed only of building not on land.Rate of depriciation shall be as per the use of building whether for residential or for commercial purpose.Since land is a appriciable assets no depriciation shall be computed on land.
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
