09 December 2012
How to calculate the Depreciation when property is purchased with land & building .As per income tax act ,Land is always subject to appreciation in the value term. Depreciation is required to claim only on the consideration paid for the purchase of building. Please guide me how can I segarate the paid consideration into the consideration paid for land & building ? I have the conveyance deed .while paying stamp duty there is a document for the value of building & open space. As per their calculation shown in deed ,amt for the valuation of the stamp duty act is lesser than what we have mentioned the consideration in the conveyance deed . is This base to take proponents of building & open space with the amount paid for consideration?
09 December 2012
You can get a report from the registered valuer for the value of building. This report will also serve the purpose if department seeks any information .
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