Deprrication
This query is : Resolved
28 May 2009
I have two Query
1)If there is sale of residential flat and brokerage is paid whether it can be reduced from the sale consisderation to arrive a fianl amount to reduced from block
2)Can Interest paid on lease hold land for earlier year can be capitalised if in book it is booked on 1/04/2008 and paid on 31/12/08 than it will fall on 1ST part of year or second
kindly it is urgent
1)If there is sale of residential flat and brokerage is paid whether it can be reduced from the sale consisderation to arrive a fianl amount to reduced from block
2)Can Interest paid on lease hold land for earlier year can be capitalised if in book it is booked on 1/04/2008 and paid on 31/12/08 than it will fall on 1ST part of year or second
kindly it is urgent
28 May 2009
1 The brokerage can not be reduced from the sale consideration to arrive a final amount to reduced from block as the expenditure is only a revenue expense and be charges to P & L Account. It can not be related to expenditure incurred before the capitalization of assets which are treated capital expenditure.
2 Any interest paid for acquiring a capital is a revenue expenditure and be charged to revenue. In your case it should be charged to revenue. No need to capitalize.
2 Any interest paid for acquiring a capital is a revenue expenditure and be charged to revenue. In your case it should be charged to revenue. No need to capitalize.
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