Will you provide depreciation for Land if the market value is higher than the cost of purchase?

No deprication for the land

LAND IS AN ASSET WHICH IS NOT DEPRECIATED AS THE VALUE OF LAND IS INCREASING DAY BY DAY AND SHOULD BE APPRECIATED.

You do not DEPRECIATE land. You appreciate it.

You record at cost. You recognize gain/loss upon selling. Cost < FMV = Gain,,, Cost > FMV = Loss

Regards

Never because the land does not having a fixed lifetime 

Land as an asset is not depreciated. The reason is that land is considered to have an infinite useful life.So depreciation on land can not be provided even if the market value exceeds the cost.