Yes,
There is depreciation on building as per Income Tax laws. I will give you more details on the same. But before that you should also know in detail about depreciation. When we talk about building depreciation, it means that the residual value of the building is decreasing over the years.
Many people get confused between land and building depreciation. Let me tell you, while building value depreciates over the years. Land value keeps on increasing, but this is also subjected to factors such as location, market trends, facilities, etc.
The key factor in knowing the building depreciation is the age of the property. So to answer your question: can building be depreciated, in a more comprehensive manner, yes it can be.
How to calculate the depreciation on building?The formula to calculate depreciation on building is Number of years after construction / Total useful age of the building.
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Authors Of The Question
Can building be depreciated?
Bini
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1 Answers
2 Year
2022-05-11T10:38:22+00:00 2022-05-11T10:38:23+00:00Comment
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