Depriciation
This query is : Resolved
07 July 2012
Our auditee has taken a land on a 200years lease at a cost of 1 crore. It wants to depriciate the cost at 10% WDV.Is it justified ? Please suggest.
07 July 2012
Yes, he can do so...
it depends on the uses of land also.. Generally, it is amortised over the period of lease.
it depends on the uses of land also.. Generally, it is amortised over the period of lease.
07 July 2012
yes, you can AS-6 clearly say
This statement also does not apply to land unless it has a limited useful life
for the enterprise.
and in your case Land has limited useful life i.e. 200 yrs
This statement also does not apply to land unless it has a limited useful life
for the enterprise.
and in your case Land has limited useful life i.e. 200 yrs
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