Hi to all,
I need valuable comment on following problem:
We are in process of valuation of our fixed assets through a certified values. We are a 155 year old educational instituation & having lot of properties given by various missions under the title "Use in Perpetuity". We have builded valuable buildings on those lands, which are not owned by us but buildings are constructed by us.
Values has not valued the cost of land, as the same does not pertains to us but he has valued the cost of building on the basis of actual expenditure provided by us and his valuation opinion on the same.
my question is, do we have to book the cost of such building in our books of accounts under "Fixed Assets" or these needs to be treated as maintenance expenditure?
Please write to me at : shaileshgarg @ woodstock.ac.in
waiting for valuable comments from experts.
Thank you & best regards,
Shailesh Garg.
Shailesh Garg.
CAclubindia
