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A query was raised regarding whether the acquisition value specified in Article 36 of the Personal Income Tax Law (LIRPF) can be used to calculate the depreciation of a property acquired via a gratuitous title. The Directorate General for Taxes (DGT) ruled that the limit for cumulative depreciation is the acquisition value defined in said article, excluding the value of the land.
Question posed: Whether, for the purposes of calculating depreciation as a deductible expense, the acquisition value established in Article 36 of the Tax Law may be considered.
In real estate acquired by way of gratuitous transfer, the amount of deductible accumulated depreciation may not exceed the acquisition value pursuant to Article 36 of the Personal Income Tax Law (excluding land). Although the acquisition cost paid is used for the calculation of the annual expense, this does not constitute the limit for accumulated depreciation, as the asset possesses an amortizable acquisition value.
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