Depreciation on Building
This query is : Resolved
Vijay Mishra
(Querist)
20 March 2010
Dear Sir/Ma'm
Please let us know should we charge deprecition on office building or not. If not, please let us know why in detail. Please let us know for land also.
Regards
Vijay Mishra
9311352965
Please let us know should we charge deprecition on office building or not. If not, please let us know why in detail. Please let us know for land also.
Regards
Vijay Mishra
9311352965
CA Balram Sharma
(Expert)
20 March 2010
yah ,
you should charge the deprecation on building,
you should charge the deprecation on building,
CA. Deepak Narula
(Expert)
20 March 2010
Dear Vijay
Dep shud be charged on oofice building in accordance with sec 32 of income tax Act at the rate of 10% on WDV. Even if u dont charge dep on building it will deemed to have been allowed and WDV will be reduced by the amt of dep. There is no provioon in Income tax Act to charge dep on land and u cannot charge dep on land in income tax Act. Even if u charge the same it will be disallowed while calculating income under head business/profession.
The above provisions of IT Act has nothing to do with how u charge dep in accounts.
Thank You
Dep shud be charged on oofice building in accordance with sec 32 of income tax Act at the rate of 10% on WDV. Even if u dont charge dep on building it will deemed to have been allowed and WDV will be reduced by the amt of dep. There is no provioon in Income tax Act to charge dep on land and u cannot charge dep on land in income tax Act. Even if u charge the same it will be disallowed while calculating income under head business/profession.
The above provisions of IT Act has nothing to do with how u charge dep in accounts.
Thank You
CA PRIKSHIT GUPTA
(Expert)
20 March 2010
As per Sec. 32 building should be depreciated @10% on WDV. On Land there is no provision for depreciation.
20 March 2010
AGREE WITH EXPERTS
CA Ashok Kumar Sahu
(Expert)
20 March 2010
agree
CA Ravi Sisodia
(Expert)
20 March 2010
Agree
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