Can anybody explain me the difference between REPAIR & RENOVATION, with example.
Menu
Renovation or repairs
Replies (3)
33 nos of viewer, but no one answered.
Generally the term repair refers to improvement of an existing asset. Say repair of a break down machine.
Renovation refers to giving new design, shape or new face to the structure like. Constructing the existing building by demolishing or adding value on features to existing building.
Simply, if repair is substantial part of asset then it is renovation. Repair is made for particular parts of asset for imrovment in effeciency only while renovation is made for each part of asset to improve life and effeciency of asset.
Recent Topics :
- “Income Tax Implications of Company-Related
- Advice needed: Hypothetical case of non-filing of
- Demand Raised for Cess Amount Despite Section 89 R
- WRONG BILL NO FILED IN GST R1
- Addtional trade name for my another firm
- Commission / Agency Business without books: REAL E
- Difference between AIS and 26AS data.
- Applicability of FCRA to Article Processing Fees (
- GST Return
- Practical queries on buy back of shares
Related Topics :
CAclubindia
