Query.............................

Sory boss i dont know exact solution for 1st question bt shortly i am giving rply to u... Bt for 2nd question if the difference between purchare date nd selling date is more than 36 months(3years),then it is long term and if the difference is less than 1year then its short term.....but in case of shares nd debenture the difference is morethan 1year then it wil be called longterm becaz they are liquid assets.......

J.Rajganesh
As per A.S. 10 issued by icai land doesnot depriciate hence no depreciation has to be provided on it.

In your example the amount of land shall not be depriciated but depriciation will be provided on the amount of building constructed ie. 1500000.

In your first question depreciation will be provided on the whole amont of 2000000.

Originally posted by : himanshu
	J.Rajganesh As per A.S. 10 issued by icai land doesnot depriciate hence no depreciation has to be provided on it. In your example the amount of land shall not be depriciated but depriciation will be provided on the amount of building constructed ie. 1500000. In your first question depreciation will be provided on the whole amont of 2000000.

for first question ,completely agree with above statement 

For second question-please  read  extracts  from the relevant case-Hope it will helpful

 

 

"The facts of the case are that the assessee is an individual and had purchased a site in 1976. The construction of the building was made in the year 1980. The building was sold in the relevant assessment year. The assessee has treated that site and building as separate for the purpose of capital gains. In regard to the site he had treated the capital gains as long-term capital gains because there was a gap of more than three years from the date of purchase of the site to the date of sale. With regard to the building, the assessee treated it as short-term capital gains. The Income-tax Officer did not accept this contention. Subsequently, in appeal, the Appellate Assistant Commissioner accepted the said contention. He found that the cost of acquisition of the land was49,525 and the investment on building was76,500 and it was directed to treat the capital gain arising out of the land as long-term capital gain and the capital gain arising out of the building as short-term capital gain. The Tribunal was also of the same view."

https://www.indiankanoon.org/doc/1547686/

for first question - 

when we purchase a building then land value always inclusive of that and we cant treat seprate land and building value , so the building value will be show combined 20 lacs  and depriciation will be calculated on that . 

 for the second - 

as the case of   Commissioner Of Income-Tax vs C.R. Subramanian on 23 September, 1999  ,

the capital gain will seprated for the land and building , stcg for the building and ltcg for the land .

for the calculation of serprate sale value assumption should be taken which make benifit to the assesse . so 1. either take value of land equilant to cost or 2.  take building value equivalent to its cost ,  take one assumption from above which benifyes the assesse.

what is the procedure of ipcc acc. to new amendment.i have alrdy reg. for cpt. i am going to be completed B.com.  would i reg. agin for ipcc as per new ammendmend of icai . if so pl. informe  what is the procedure & what is the fee.