Depreciation on land and Building
This query is : Resolved
30 January 2009
Company purchased a building. Agreement for purchase does not include a separate value for Building and for land on which it is constructed. Only one combined value is mentioned in the agreement. Now my query is that,for income tax purpose, on what amount i should claim a depreciation? on total agreement value or on only the value on building and not land? if only on value on building, then how will i bifurcate the value of land and building? is there any case law for the same?
30 January 2009
u need to get the valuation done of land & then bifurcate it for the purpose of dep.
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