Assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 October 2012 Dear Sir,
Suppose an assessee has a ice factory, and value of land would be Rs. 30 lacs and building thereon would be around Rs. 5 lacs and cost of plant established thereon would be aruond Rs. 3.5 lacs.

Now please advise me, while making balance sheet, I should place assets as-
1. land -
2. building -
3. plant -

or I should place only building and plant for depreciation purpose, as-

1. building -
2. plant -

and what should be depreciation rate on building.

Thanks and Regards.

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
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25 October 2012 Disclose each type of assets separately as

1. Land
2. Building - Depn @ 10% as per IT Act
3. Plant & machinery - Depn @ 15% as per IT Act