Depreciation.....

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DGM -Accounts
163 Points Joined March 2010

Dear Friends,

 

Please let me know , how to calculate Lease hold land depreciation..

Ex:- Lease period - 50 years,  Lease amount for 50 years  Rs. 5,00,000/- paid at a time.

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On 27 July 2010 at 15:29 Report
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CHARTERED ACCOUNTANT
198 Points Joined September 2009

SIR, DO U MEAN, DEPRECIATION FOR LAND...IT IS NOT PERMISSIBLE UNDER INCOME TAX...

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On 27 July 2010 at 15:45
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dear sir

first of all land is not a deprciable asset.secondly lessor is entitled to claim depreciation in case of lease.

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On 27 July 2010 at 16:00
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CA
55 Points Joined April 2008
Depreciation on Land is not permissible under the IT Act.
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On 27 July 2010 at 18:54
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CA
55 Points Joined April 2008
Sorry Tarun ,but i think in case of finance lease the leasee can charge depreciation in his books.
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On 27 July 2010 at 18:55


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