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Accounting of expenditure for recording studio

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(Querist)
04 July 2023 Dear sirs
Seek your guidance on accounting of expenditure spent for fabrication, hardware and plywood and glass for recording studio which is more than one lakh all together in a society.

Should we capitalise this expenditure where it includes small small amounts for nails, fevicol, fabrication steel, labour charges. After capitalising what could be the rate of depreciation.

Seek your kind suggestion.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 July 2023 Yes, capitalize it, rate of depreciation will be 15%.
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vijay

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vijay (Querist)
04 July 2023 Thank you sir for your suggestion
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 July 2023 You are welcome.
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vijay

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vijay (Querist)
12 August 2023 Dear Sir

Can we capitalize on fabrication work for the children's home (shed) at the rental premise which is permitted by the owner?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
12 August 2023 No. You can amortize the expense for the life span of the structure or maximum up to the rental period.
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