Building renovation

[A J DEORA & ASSOCIATES]

Need info on accounting for renovation of building? Need taxation view and accounting view. 

AI Summary

Renovation Expenses: Capital vs. Revenue Expenditure Explained by Chartered Accountant A user inquired about the accounting and taxation perspectives on building renovation expenses. A chartered accountant responded, explaining that if renovation expenses increase the building's value and lifespan, they should be treated as capital expenditure. Conversely, if incurred by a tenant, such expenses are considered revenue expenditure. The discussion referenced a legal case for further context.