18 August 2015
Some One Pls clarify my doubt regarding depreciation for assets of company.
The useful life of Building as per New Company Act is 60 Years(Subject TO Conditions) and as on 31.03.2014 my building life had crossed 60 Years and if i make any capital repairs to building should i need to include it to Building for which life has expired or should i writeoff that total capital repairs ?
Also clarify whether capital repairs to Building should also be depreciated for 60 Years or should that be depreciated over the remaining life of the building if any ?