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depreciation

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(Querist)
08 June 2009 we hv taken a building on rent and hv renovated it with huge amount

where should we take the building renovation expense like paints, timber, steel rods etc

do we hv to take it as a asset or to take it as a indirect expense
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
08 June 2009 If the building is taken on rent for a long period, the expenses incurred are of huge amount and the benefit of the same is going to be enjoyed for more than one year such expenditure should be capitalised and depreciation should be claimed on it at the rates prescribed.
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