Ys. Depreciation refers to a decline in the valuation of an asset over time due to obsolescence or wear and tear. 00. First estimate the asset's salvage value which is the residual value of an asset at the end of its useful life. And since the study was based on 15,000 miles driven per. 8. Enter the smaller of line 1 or line 2 here. In the case of a tangible asset, claim the deduction against building,. Say you buy a building to use as a rental. ready reckoner synonyms, ready reckoner pronunciation, ready reckoner translation, English dictionary definition of ready reckoner. Note that if you have a property with a rateable value of below £20,000 (£28,000 in Greater London), then you are considered as a small business. 96. Notably, if this rate is higher. 2,00,00,000. INSTRUCTIONS. depreciation. The depreciation deduction for the 2021–22 income year is the sum of: the asset's decline in value (disregarding the cost of improvements) on the costs incurred before 6 October 2020 ($80,000), worked out under the general depreciation rules. the necessary amount expended to get an asset ready for its intended use Salvage Value the value of the asset at the end of its useful life; also known as residual. Depreciation is also determined by your tax bracket, so let’s say you’re in the 15% bracket. This book provide Index Online Ready Reckoner Rate Pune 2022. Guidance Value Karnataka increased. 2023-24 (A. Income Tax Act of 1961 allows the depreciation of tangible assets and. Latest Statutes. Enter the result on line 5 of the worksheet. The Present Publication is the 47 th Edition & has been amended by the Finance Act 2023 for AYs 2023-24 & 2024-25. Rates of Depreciation for tax purposes and Market rates of Gold and Silver have also been provided. 0. Simply select Taluka to get the ready reckoner rates of division or villages wise. Ready Reckoner Rate. Once you’re ready, we’ve vetted hundreds of qualified intermediaries who can guide you in the process. Enter the amount from line 1 here and on Form 4562, line 2. mt) multiplied by the given ready reckoner rate per square meter (in ₹) multiplied by (1 + floor rise). This means notional gains to. Ready reckoner rate Pune also varies across different types of property. Last year depreciation = ( (12 - M) / 12) * ( (Cost - Salvage) / Life) And, a life, for example, of 7 years will be depreciated across 8 years. 2,50,000. 15%. Available for Intuit ProSeries Tax professional only or as a stand-alone software. 5 years: $220,000 basis for depreciation / 27. Depreciation for the first and last. Topic No. The program automatically switches to the straight-line method in the first year that it gives a larger deduction. ProSeries Fixed asset manager includes: Unlimited asset tracking and automatic depreciation calculation. kurla. If Accounting Policies, Accounting Standards or Rates or Method of Depreciation are Different - According to the first proviso to section 115JB(2), the accounting policies, the accounting standards adopted for preparing such accounts, the method and rates of depreciation which have been adopted for preparation of the profit and loss account laid. 75 = $24,074. Spread the love Diminishing Value Depreciation Calculator Diminishing Value Depreciation Calculator Initial Cost of Asset: Salvage Value: Useful Life (in years): Calculate Depreciation Depreciation Amount: FAQs GEGCalculatorsGEG Calculators is a comprehensive online platform that offers a wide range of calculators to cater to various. 4: Stamp Duty Calculator: SD Calculator:. The formula to calculate the depreciation expense in a given period is as follows. If in the depreciation key settings, “Depreciation to the day” check box is checked, then system ignores the. x x x x x Extracts x x x x x. This date determines when you can begin to depreciate the. BMT Tax Depreciation offer an expert tax depreciation schedule. Depreciation: depreciation periodThe depreciation estimates provided are a general guide to allow you to estimate the potential depreciation you may be entitled to claim on a property. Annual Statement Rate (ASR) are commonly known as Ready Reckoner are the fare rates of immovable property, on the basis of which market value is calculated and whereas stamp duty is charged as per Schedule - I of Maharashtra Stamp Act, on the type of instrument and amount mentioned in it whichever is higher. 11. Depreciation is taken as a fractional part of a sum of all the years. That amount depreciated over 27. For Year 2,. 74 percent. The Ready Reckoner (RR) rate, as it is referred to in Mumbai, is also known as the Circle Rate in Delhi. To calculate depreciation subtract the asset's salvage value from its cost to determine the amount that can be depreciated. Continue easy. This book provide IndexAmazon. Y. Straight Line Depreciation Method: Depreciation = (asset cost – salvage value) / useful life of asset. Year 2: $7,000 x 30 percent = $2, 100. As per Para 5. Request a commercial tax depreciation schedule quote for your property or fit-out. Depreciation Calculator As Per Income Tax Act; Amortization Calculators – Companies Actions 2013; SRA Handheld – Monthly & Yearly Calculations. Rate of Depreciation. Excess business loss limitation. The Gujarat Jantri Rate mobile application, which was launched in 2021, is one of the online modes that citizens can use to. | Meaning, pronunciation, translations and examples in American English. Value when old owner is provided with alternate accommodation. Department of Registration & Stamps in Maharashtra Website. The instant asset write-off threshold at the time they first use the car in the business is $150,000. Here's the formula for calculating depreciation using SLM: [ (Original Cost – Residual Value) / Useful Life] * 100. This type of. If there is no way to estimate a useful life, then do not depreciate the cost of the improvements. ASR (Ready Reckoner) Guidelines- Rest of Maharashtra-2015. Using of e-stamp duty ready reckoner year wise which we have provided for the year 2015-16, 2016-17, 2017-18 and 2018-19, 2019-20, 2020-21, and 2021-22 from which you can search current and previous year ready reckoner rates applicable for calculation of government tax such as stamp duty, registration fee along with guideline for calculating. The online Ready Reckoner calculation can be done on Carpet Area or Built-Up Area. When net sale consideration on such asset’s sale is reduced from the written down value (opening WDV + cost of assets acquired if any) of the block of the assets. Hypothetically, if you purchased a residential property at a market price of Rs. b. Comprehensive Guidelines for Deemed Conveyance in Maharashtra G. 3. in - Buy Taxmann's Direct Taxes Ready Reckoner (DTRR) | A. Get to know the definition of Depreciation, what it is, the advantages, and the latest trends here. Maximum threshold cost of section 179 property before reduction in limitation calculation. If you are looking to get out of property maintenance, we have recommendations for DST and. That’s why it’s a good idea to complete Part V. No hike in Ready Reckoner rates in Maharashtra in FY19. 2022 - 23. Year: 2022 - 2023 Get Current Ready Reckoner Rate of district Mumbai Suburban minimum rate notified annunal by the Maharashtra State Government ASR for. I. Maharashtra's ready reckoner rates for 2022 Before you go out and purchase a house, we advise. The old rules of 50% bonus depreciation still apply for qualified assets acquired before September 28, 2017. Ready reckoner rates are fixed by the government of Maharashtra based on the area, size, and location of the property. generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. To calculate the annual depreciation expense, simply divide the basis by 27. 5. Continue reading. Extend 200 stock sheet entries 29 mins. Depreciation can be claimed at lower rate as per income tax act. This book has been authored by Dr Vinod K. 74% in ready reckoner. open parking spaces x 40% of the ready reckoner rate of developed land in that zone. S. Y. This means notional gains to. If it is a flat then use the formula-. The most comprehensive and reliable bet calculator. New Updates. Ready reckoner definition: . You make $10,000 in capital improvements. These are the minimum rates below which a property transaction cannot take place. Conditions for the Redevelopment of Existing Cinema/ Theatre in Mumbai. Now suppose you found a renter on date May 15, 2023. D. In this scenario, the reducing balance method formula in excel is: Depreciation = DB (cost, salvage, life, period, [month]) In this formula, the cost is the initial investment cost, and the life is the estimated time the asset will be in use. Description. Enter the amount from Form 6251, line 4, on line 1 of the worksheet. Guidance value increase. f. However, the irony is that only around 3% of the population actually pays tax. (If the residence would be sold at a gain, the ability to exclude up to $250,000 of gain ($500,000. Reduce or increase this value for lift and depreciation as per valuation factors given in the Ready Reckoner and you will get the market value. Using of e-stamp duty ready reckoner year wise which we have provided for the year 2015-16, 2016-17, 2017-18 and 2018-19, 2019-20, 2020-21, and 2021-22 from which you can search current and previous year ready reckoner rates applicable for calculation of government tax such as stamp duty, registration fee along with guideline for calculating. BMT has completed more than 800,000 property depreciation schedules, helping Australian commercial building owners and tenants save thousands of dollars every year. 5%. Note: Since value of land does not depreciates it's full value should be added to the depreciated cost of structure). The depreciation incurred per year comes out to $10 million. Online Ready Reckoner Rate Pune 2022. I’ve created a “ready reckoner” to help estimate the potential depreciation on the construction of an investment property of 1 /1 Match case Limit results 1 per pageTAXATION READY RECKONER Sunday, 30 November 2014. Sr. Practical and vast Leader the Depreciation rates as per Companies Trade 2013 premeditated using use lives the per Schedule-II and residual value in 5%. 5 years, that comes to $6,545 in annual depreciation, and you can deduct a prorated amount of $3,546 in the first year. Schedule II (See section 123) HANDY LIVES TO COMPUTE DEPRECIATE COMPONENT ‘A’ Depreciation is the systematic. To calculate using this method: Double the amount you would take under the straight-line method. Ready Reckoner Guidelines-Mumbai 2016-17. 36. Year 2 = $6,000. . However, these estimates are not endorsed by the Australian Taxation Office and uses general assumptions. In Pune, as of May 2023, ready reckoner rates for residential properties vary across different areas. This date determines when you can begin to depreciate the asset. Computer: Depreciation Rate 60%. 20)) for the refrigerator. depreciation = asset cost – salvage value service life. Farm equipment depreciation varies based on factors like type, usage, and tax regulations. Ready reckoner rates play a vital role in determining stamp duty and registration charges in Maharashtra. But for the next year your wdv will be considered as reduced by the percentage of depreciation prescribed. Bonus Depreciation: A bonus depreciation is a tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible business assets. Every company to which Indian Accounting Standards apply, shall prepare its financial statements in accordance with this Schedule or with such modification as may be required under certain circumstances. property built-up area x ready reckoner rate for flats in Rs per sq m. Visit and enter the mobile number to get the OTP. Under the modified accelerated cost recovery system (MACRS) general depreciation system (GDS), domestic rental property depreciation is calculated using 27. 2024-2025) 80 JJA Profits and Gains from Business of Collecting and Processing of Biodegradable Waste 100% upto 5 years of commencement of business 80 LA (1A) Income of unit of an International Financial Services Center 100% for any consecutive 10 years out of first 15 years Ready reckoner rates In Mumbai remained unchanged for the year 2022- 2023, they were last hiked on September 12, 2020, by the government of Maharashtra, the revised rate for Mumbai is -0. R. 2 lakhs per year. Second Year diminishing value claim. Any of the boxes can be left blank if they are not relevant. 5 years for residential rental properties and. Schedule II (See section 123) USEFUL LIVES TO COMPUTE DEPRECIATION SECTION ‘A’ Depr is the systematic allocation of the depreciable amount of an asset over its useful living. General Guidelines for the valuation of property within the limits of all Municipal Corporations (except Mumbai and Mumbai Suburban Districts), Municipal Councils, Influence Areas and Rural Areas in Maharashtra as per the Annual Statement of Rates. (Cost of Rs 150 less cumulative tax depreciation of Rs 90), i. Updates include increased section 179 expense deduction limit, adjusted luxury vehicle and truck limitations, updated tax worksheets, and other depreciation changes to support tax reform. revaluation. generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. Y. Stamp duty rate: 6 percent. . Depreciation is a method for spreading out deductions for a long-term business asset over several years. Depreciation is charged in a fair proportion of the depreciable amount in every accounting period during the expected useful life of the asset. A company cannot take a Section 179 deduction on more than their total annual taxable income. 2021 - 22. This method utilizes a depreciation rate (expressed as a percentage) that is some multiple of the straight-line method. December. 20)) for the stove and $200 ($1,000 × 20% (0. 2023. Any amenities that are present with the property further impact the ready reckoner rate. Section 32 of the Income Tax Act 1961 talks about depreciation. Ready to start claiming maximum depreciation deductions? Request a tax depreciation schedule quote today. Ending PP&E, net = Beginning PP&E, net + Capex – Depreciation. This book has been authored by Dr Vinod K. Property cost as per circle rate: Rs 50 lakh. Similar to the 100% bonus depreciation, the Section 179. When a primary residence is converted into a rental property, the owner can deduct the depreciation expense from the income the property generates to reduce taxable income. If it is a flat then use the formula-. In the example above, your depreciation on an auto would be limited to the business-use percentage of 90% times the maximum 2023 first-year. His depreciation deduction for each year is computed in the following table. A ready reckoner rate is the minimum value below which you cannot purchase a property. The assessment year is when you file your tax returns declaring the income earned during the previous year. Schedule II (See section 123) USEFUL LIVES TO COMPUTE DEPRECIATION PART ‘A’ Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. Divide this amount by the number of years in the asset's useful lifespan. The depreciated value of the property is 10/60, i. Year 4: £768 – £154 = £614. The basis to be used for depreciation is $24,000. Depreciated over 27. Income Tax Calculator For A. . Updates include increased section 179 expense deduction limit, adjusted luxury vehicle and truck limitations, updated tax worksheets, and other depreciation changes to support tax reform. Depreciation on Straight Line Method (SLM) is not allowed. Property is placed in service when it is ready and available for use in your business even if you have not begun using it. 5 cents per mile. Let’s take an example for checking the Government rate/valuation of the Residential Flat located in an urban area. According to the formula, the depreciation value of the property is 15/30 which is 1/2. To calculate circle rate in Delhi, you can go to the official e-Circle Rate. BMT has completed more than 800,000 property depreciation schedules, helping Australian commercial building owners and tenants save thousands of dollars every year. We have included ready reckoner page featuring all-important calculations of stamp duty, various modes of payment of stamp duty and registration such as franking, e-stamping. See how much your asset will be worth using the straight line depreciation formula. If you had received the property as a gift, or as an inheritance, or had constructed it during any year after April 1, 2001, then, you can take the ready reckoner value to find out the fair market value of. 2023-24 (A. 2021. READY RECKONER definition: a table of numbers used to facilitate simple calculations , esp one for applying rates of. property built-up area x ready reckoner rate for flats in Rs per sq m. 31st floor and above. 6%. The results of the estimates provided may differ from the final depreciation entitlements. This article provides a comprehensive compilation of Gold and Silver rates, specifically focusing on the rates as of April 1, 1981, and the rates for each 31st March from the year 2009 to 2023. As per the IRS, depreciation can be understood as recovering the cost spent to acquire an asset until it is recovered. Now select the location of the property and then calculate the value of the property according to the ready reckoner rate using the below mentioned formula. land, residential, commercial and industrial properties for any area defined and published by government of Maharashtra, in there publication namely Annual Statement Rates (ASR) the book is in Marathi known as Bazaar Mulyankan Takta. Depreciation Calculator As At Income Levy Act; Depreciation Calculator – Companies Act 2013; FRA Online – Monthly & Yearly Calculations;Bonus depreciation. $412. Add that to your $170,000 for a building cost basis of $180,000. In. e. Now the maximum rate of depreciation is 40%. This suggestion came across on a webinar that was. Y. If you use the "actual" expenses method and the vehicle was acquired new in 2023, the maximum first-year depreciation deduction, including bonus depreciation, for an auto in 2023 is $20,200. derecognition. Why do circle rates vary within a city?R = {1 – (S/C) ^1/n} x 100. is. Step 2: Divide your first year’s depreciation by the useful life of the asset in years. Stamp duty payable: 6 percent of Rs 50 lakh = Rs 3 lakh. The Ready Reckoner rate (RRR) or circle rate is a standard rate fixed by the State government for property transactions. 10 lakhs and has a useful life of five years, the annual depreciation using the prime cost method will be 20% of Rs. They are expected to adversely hit the realty sector in Mumbai and rest of the state. Ready reckoner rates In Mumbai remained unchanged for the year 2022- 2023, they were last hiked on September 12, 2020, by the government of Maharashtra, the revised rate for Mumbai is -0. Y. No. + $800 “make ready” costs = $275,300 adjusted cost basis. Formula: Depreciation = Book Value × Rate of Depreciation 100. (Refer to the section above. Depreciation Expense = ($100 million – $0 million) ÷ 10 Years = $10 million; 3. Enter the required details and you will get the Valuation immediately. Depreciation methods are defined in R&TC Sections 24349 through 24354. ROCE = 150 / 800 = 0. The book starts with a detailed section wise analysis of the amendments made by the Finance Act, 2023. However, Additional depreciation is available only on Plant and Machinery Full 20% Additional. Ready Reckoner keeping in mind the rate is for 1 F. Find out how chancellor Jeremy Hunt’s tax and spending plans will affect your personal finances The 2023/24 figures include the national insurance cut which. 2001 o Tax savings schemes at a glance o Rates of depreciation Under the Income-tax Act § For the assessment years 2006-07 onwards § For power generating units from the assessment year 1998-99 § Under the Companies Act,. Straight-Line Depreciation = (Purchase Price – Salvage Value) ÷ Useful Life. 5 cents per mile. 2024-25 With Income Tax Ready Reckoner For F. The ready reckoner page also details essential technical formalities involved during the. Depreciation for Power Generating Undertakings - Section 32(1)(i) - Income Tax - Ready Reckoner - Income Tax. 07. Ready Reckoner Rate. $48,000. The basis (purchase price + additional fees and taxes) of the vehicle is $40,000. Image Source: Google Play. IT calculator for AY 2024-25 with IT ready reckoner for FY 2023-24. A subtracts line 21 from line 20 and enters $0 on line 22. Eligibility for small business entity concessions, simplified depreciation rules, and rollover relief. Original Cost Basis: $160,000. After renovation, it was ready to live on by April 01, 2023, but you want to rent it. Year. This book has been authored by Dr Vinod K. The noise exposure calculators can help you work out your daily noise exposure, weekly noise exposures, and estimate the performance of hearing protection. While the table seems complicated, most assets are either five-year or seven-year property. The Present Publication is the 47th Edition & has been amended by the Finance Act 2023 for AYs 2023-24 & 2024-25. Request a commercial tax depreciation schedule quote for your property or fit-out. Ready Reckoner Rate. The number of sold car parking slots x 25% of the ready reckoner rate per unit area of the property. Years from Now. It serves as a. If you choose online payment option, make payment electronically through Internet Banking or by Debit. Business Cost & Sales. 5 per cent share is a sea The 200% declining balance depreciation on $2,400 worth of furniture used in a rental would be $461 in Year 3 ($2,400 x 19. %PDF-1. The term Depreciation is a core concept under trading. Add to cart. 5 years for residential rental properties and. It can also calculate partial-year. Required: Calculate the truck's depreciation for 2016, 2017, and 2018. 2023-24 (A. The new rules allow for 100% bonus "expensing" of assets that are new or used through 2022. Note:- 1] While determining the value of the old tenanted buildings in Mumbai City and suburbs as well as the. Rather than take a single, large tax deduction in the year you bought the property, you would take a portion of the cost of the. If your ordinary income tax level is 20%, then you simply multiply the total depreciation amount ($55,000) by 20%. This is the standard method for MACRS assets with class lives of 3 to 10 years. 2001 o Tax savings schemes at a glance o Rates of depreciation § Under the Income-tax Act (i) For the assessment years 2006-07 onwards (ii) For power generating units from the assessment year 1998-99 § Under the Companies Act,. The basic way to calculate depreciation is to take the cost of the asset minus any salvage value over its useful life. 2022 - 23. This calculator makes break even analysis fast and easy. Apart from knowing the ready reckoner rate in Pune, there are several other taxes and administration fees that one needs to pay before finalizing the buying or selling of the property. ) Andheri East. Lawyer Anil Harish, a real estate specalist, said, “The new method of calculation increases the ready reckoner value of a property by 30% because the. Calculator Savings. Schedule II (See section 123) USEFUL LIVES IN CALCULATE DEPRECIATION PART ‘A’ Depreciations is the systematic allocation of the depreciable amount by an asset over its useful life. They were widely used in shops and by tradesmen before the advent of cheap electronic calculators, metric weights and measures and decimal currencies in the 1970s. DB uses the following formulas to calculate depreciation for a period: Depreciation Rate = 1 - [ (Salvage / Cost) (1 / life)] Depreciation for any Period = (Original Cost - Total Depreciation from Prior Periods) * Depreciation Rate. The amount of depreciation and additional depreciation under Income Tax Act for the A. Comprehensive Guidelines for Deemed Conveyance in Maharashtra G. Stamp Duty Ready Reckoner. 4%) Meanwhile, the. Amazon. This tool has two parts, which are the Straight Line Depreciation method which is the simplest way of calculating loss of value, and also the Depreciating Balance Depreciationmethod which assumes that the value of a depreciating asset decreases. Step 1: Workout The Rental Property Depreciation Recapture Tax Amount. Depreciation is allowable as expense in Income Tax Act, 1961 on basis of block of assets on Written Down Value (WDV) method. In Maharashtra, ready reckoner rates aid in controlling speculative pricing. 10 lakhs, which equals Rs. An example of the depreciation recapture of a Section 1250 property may help property owners understand this process. The fixed-declining balance method computes depreciation at a fixed rate. Residential buildings except hotels and boarding houses. In this book Tables of Income Tax Rates and Ready Reckoner for A. Real Estate Depreciation is a crucial tax-saving tool. The reduction in stamp duty rates during the pandemic period provided substantial savings for homebuyers, contributing to increased property. The underlying purpose of this standard is to lay down or specify accounting treatment for Property, Plant and Equipment. Retained Earnings Formula. = (Ready Reckoner Rate x Depreciation. kurla. Separate values for book and tax. The percentage of bonus depreciation phases down in 2023 to 80%, 2024 to 60%, 2025. 1825 or 18. Income Tax Calculator For A. It also covers alternative tax regime, break-even tables & faceless tax proceedings, etc. Our tool is renowned for its accuracy and provides usable figures and a genuine insight into the potential cash returns you could expect from an investment property. e. Judgments. Depreciation Calculator. Calculator for depreciation at a declining balance factor of 2 (200% of straight line). The reduction in the Mumbai ready reckoner rate was 0. Rates of Depreciation - Income Tax - Ready Reckoner - Income Tax. Ready Reckoner Rate. Find Ready Reckoner Rates in Maharashtra Online. The Present Publication is the 47th Edition & has been amended by the Finance Bill 2023 as passed by the Lok Sabha for A. Hence, normal depreciation will be allowed. Mumbai’s ready reckoner rate, though, won’t change. It aims to showcase the price trends and variations in Gold and Silver prices over the years, giving readers valuable insights. The registration charge will be 0. x) No adjustment for depreciated. Building. Property details: This includes the address, suburb, property type, and other relevant details about the property. The mechanism involves an asset such as a building which is depreciated every year. Depreciable Cost = Purchase Cost – Salvage Value. 3. Separate the cost of land and buildings. manufacture or production of any article or thing – additional depreciation under Income Tax Act of 20% of actual cost shall be allowed. Calculator for depreciation at a declining balance factor of 2 (200% of straight line). Straight-Line Depreciation Formula. The rates, primarily used to calculate the market value of flats for the stamp duty and registration charges, will come into effect from January 1. 4. 636% = $3,636. 15%. Depreciation is the systematic allocation of the depreciable amount of an advantage across its useful life. Depreciation spreads those costs across the useful life of the property. Depreciation is handled differently for accounting and tax purposes, but the basic calculation is the same. You’ll also see the total cost of the lease. m. Call 1300 728 726ProSeries fixed asset manager. After increasing the rate as above, T. Y. Divide the result, which is the depreciation basis, by the number of years of useful life. Ready Reckoner Rate 2022 Maharashtra Commence from 1st April 2022 to 31st Mar, 2023. General Elections to the Legislative Assembly of Chhattisgarh, Madhya Pradesh, Mizoram, Rajasthan and Telangana, 2023- Relieving of Expenditure Observer from Election Duty- regarding. Ready reckoner rates are listed for all the cities and are available on the online portal of the government of Maharashtra. Record keeping Records to keep for depreciating assets, low-value pools and rollover relief available under UCA. Situation II. 20%). Depreciation:- The valuation of old building after deduction of depreciation as per their age shall be considered as stated in the table below:- Age of building (in years) Percentage. Depreciation is the process by which you would deduct the cost of buying or improving rental property. He opined that this would give a massive boost to the sector. After this, you need to deduct the depreciation from the construction cost. Y. R. STAMP DUTY READY RECKONER VALUATION FACTORS FOR ENTIRE MAHARASHTRA For the period ( 01/01/2015 to 31/12/2015 ) 01. Asset Type. The said section, interalia, provides that the cost of long-term capital asset acquired before the 1st day of April, 2001 is taken to be the cost of acquisition to the assesse or the fair market value of the asset on that date, at the option of the assessee. Completed Age of building in Years R. Suppose an asset costs $100, its estimated salvage value is $10, and its estimated useful life is 10 years: depreciation = $100 – $10 10. $30,000. Stamp duty of a property is calculated using circle rate/ready reckoner rate. Maverick newsletter.