Poonawalla fincorp
Poonawalla fincorp

DEPRECIATION

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 September 2010 1.If a Building is taken on lease rent for 6 years and expenditure incurred on renovation of the same like furniture , fixtures, Electrical work, civil work etc. then the expenditure is claimed as capital expenditure or not. Kindly note the amount paid to contractor for all the work including services.

2. If it is Capital Expenditure then what is the rate of depreciation under Co.'s Act and IT Act.

3. Start date of depreciation claim.

4. otherwise Please let me konw the accounting entry.

Thanks & Regards
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
24 September 2010 Yes. it is a capital expenditure &

Write off this during the lease period (1/6 each year)

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