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Depreciation on building

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 August 2017 Hi,

Can someone tell me that can i claim depreciation on building purchased in FY 2015-16 in FY 2016-17 as prior period item or expense.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
14 August 2017 If it was a mistake in applying the accounting policy hitherto followed, then it can be recognised under 'prior period item' though it is not an expenditure but an allowance.

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