Improvements to a rented building
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 November 2015
My client has recently started a consultancy service and took a building on rent .He incured nearly Rs.1 lakh for improvements of the said building like ceiling,construction and partition of walls etc.How should this be accounted? Whether he can capitalize it or treat the same as expense?
29 November 2015
The expenditure is of revenue expenditure, so far as income tax act is concerned.
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