Treatment of Expenses
This query is : Resolved
CA Sanjay Baheti
(Querist)
25 June 2010
My Client being an Individual engaged in admission consultancy services.
He has taken office on Rent.Subsequently he incurred certain expenses in relation to Furniture & Fixtures,Water Cooler machine and Electrical Fittings of Rs.32206/-,3300/- and 8217/-respectively.
Query is whether the same can be capitilised in books & charge Depreciation thereon or not.
He has taken office on Rent.Subsequently he incurred certain expenses in relation to Furniture & Fixtures,Water Cooler machine and Electrical Fittings of Rs.32206/-,3300/- and 8217/-respectively.
Query is whether the same can be capitilised in books & charge Depreciation thereon or not.
CMA.Palani Arumugam
(Expert)
25 June 2010
Yes. You can capitalize and charge depreciation thereon.
CA Robin Betala
(Expert)
25 June 2010
Yes assessee can claimed depreciation on it as the property is rented but any structure in expenses by assessee will be eligible for depreciation
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