Renovation in leased property
This query is : Resolved
07 August 2012
My client has done a renovation in his leasehold office building. What should be the nature of the expenditure?
Depreciation allowance will be allowed or not?
Depreciation allowance will be allowed or not?
07 August 2012
If Renovation is subject to Capital Nature, i.e. some new Room is constructed, or cabins are constructed then, Fixed assets upto the amount of Expenses is to be debited and depriciation as usual to be charged.
However as per plain reading, it feels that it is mere renovation and not construction, so no new asset is created and all such expenditure is to be charged to Profit/Loss A/c.
However as per plain reading, it feels that it is mere renovation and not construction, so no new asset is created and all such expenditure is to be charged to Profit/Loss A/c.
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