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Capitalization of residential colony building of company.

This query is : Resolved 
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(Querist)
27 July 2016 Dear Sir/Madam,

We want to capitalized ELEVATOR but don't know Nature of Asset and Useful life.

Kindly suggest for the same.

Regarsd
Mitul Shah
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
28 July 2016 There are two ways you can treat ELEVATOR. It can be part of the building and thus capitalized with building. In such case the life of asset would be 30 years. But if you want to follow component accounting, ELEVATOR can be shown separately and can be part of equipment and life of asset would be 10 years.
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MITUL R SHAH

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MITUL R SHAH (Querist)
28 July 2016 Thanks a lot madam....
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