depreciation
This query is : Resolved
08 June 2009
we hv taken a building on rent and hv renovated it with huge amount
where should we take the building renovation expense like paints, timber, steel rods etc
do we hv to take it as a asset or to take it as a indirect expense
where should we take the building renovation expense like paints, timber, steel rods etc
do we hv to take it as a asset or to take it as a indirect expense
08 June 2009
If the building is taken on rent for a long period, the expenses incurred are of huge amount and the benefit of the same is going to be enjoyed for more than one year such expenditure should be capitalised and depreciation should be claimed on it at the rates prescribed.
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