What is account head for constuction of 2 nd floor on firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2014
when 2 nd floor is constructed on the same premises of the firm name , what will be proper account name , to capitalized the all expenses for creation of the 2 nd floor on warehouse premises ?
is it right ?
L & b :
warehouse
Purchased cost xxxx
Cost of improvement for 2 nd floor .(currently ) yyyyy
pl guide me on the basis of accounts and income tax point of view?
is it right ?
L & b :
warehouse
Purchased cost xxxx
Cost of improvement for 2 nd floor .(currently ) yyyyy
pl guide me on the basis of accounts and income tax point of view?
CA UMESH DULAL
(Expert)
09 June 2014
My suggestion is to take 2nd floor as separate asset and capitalized the same.
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