Shop construction expenses

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744 Points Posted on 02 September 2022
can we claim shop construction expenses in p nd l account
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On 02 September 2022 at 15:16 Report
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Quick Summary
Shop construction expenses are generally considered capital expenditure, not a direct expense for your Profit & Loss account. This means you typically cannot claim them as a deduction in the P&L. Instead, these costs are capitalised and you can claim depreciation on them over time. Personal expenditure related to the shop construction is also not deductible.

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SEO Sai Gr. Hosp.
212444 Points Posted on 02 September 2022

No. It will be debited to shop/ property account.

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On 02 September 2022 at 19:10
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754 Points Posted on 02 September 2022
Since its personal expenditure not relevant to business you can't claim deduction as an expense in profit and loss account. No, you cannot claim deduction of Income Tax paid, interest on income tax paid.
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On 02 September 2022 at 20:51
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Chartered Accountant
86505 Points Posted on 03 September 2022
You can't, same is capitalised
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On 03 September 2022 at 08:38
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tax consultant
3306 Points Posted on 03 September 2022
You can only claim depreciation on such cost.
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On 03 September 2022 at 08:58
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Profession Business
28246 Points Posted on 03 September 2022
It's a capital expenditure but you can segregate it and claim it.
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On 03 September 2022 at 09:32

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