14 December 2011
Depreciation on land is being wrongly claimed as per income tax act how should we explain to income tax deprt in scrutiny case that this depreciation amount should not be added back to our income,
14 December 2011
No depreciation is allowed on value of plot of land under sec 32 of income tax act,1961.However if some superstructure is built up on such land than value of land can be included in building and you can claim depreciation saying that bifurcation of value of land and building is not possible