Depreciation as per company act,2013
This query is : Resolved
Manoj Uppuluri
(Querist)
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 ?
Thank u in advance,
Manoj
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 ?
Thank u in advance,
Manoj
Amol S Joglekar
(Expert)
18 August 2015
Schedule II is for guidance and dont consider it to be the white line on black stone.
Get the useful life of the asset CERTIFIED from either MANAGEMENT or VALUER or CIVIL ENGINEER/ARCHITECT.
Accordingly charge the depreciation over the remaining life, if any.
Capital repairs to building will definitely enhance the useful life of building and hence get it certified.
Get the useful life of the asset CERTIFIED from either MANAGEMENT or VALUER or CIVIL ENGINEER/ARCHITECT.
Accordingly charge the depreciation over the remaining life, if any.
Capital repairs to building will definitely enhance the useful life of building and hence get it certified.
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