Land in not a Depreciable assets that we know, but so far as Mining and Quarry industries are concern, they are going to loose that part of land after excavation. so can we take depreciation on the land used for mining or quarring?. if so at which rate? Because there is no provision in companies act regarding such.
07 January 2016
Yes there is no rate mentioned, however you can claim depreciation in the following method. You will have to take an estimate of the minerals or commodity available in the land and then apportion the value of the land towards howmuchever is mined during the year.
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