https://www.taxtmi.com/article/detailed?id=350 Depreciation on ownership apartments used for business is allowable only on construction cost, not on the proportionate share of land. Where purchase documents do not segregate these amounts, taxpayers should allocate cost between construction and land, rework written down value excluding land (using construction cost less depreciation already allowed as corrected WDV in the rectification year), consider filing revised returns or correcting prospectively, and document the bona fide basis for any earlier mistakes to mitigate assessment or penalty risk. en-us Wed, 29 Apr 2009 00:00:00 +0530 Mon, 03 Jan 2011 11:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=350 Depreciation on ownership apartments used for business is allowable only on construction cost, not on the proportionate share of land. Where purchase documents do not segregate these amounts, taxpayers should allocate cost between construction and land, rework written down value excluding land (using construction cost less depreciation already allowed as corrected WDV in the rectification year), consider filing revised returns or correcting prospectively, and document the bona fide basis for any earlier mistakes to mitigate assessment or penalty risk. Articles Income Tax Wed, 29 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=350