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Reply from Tony Vernon/FW on Apr 7 at 12:14 PM Hello,
Depreciation should start when the asset is placed in service. In your case, that would mean 15th May 2010, regardless of the billing date. You may want to verify that with your accountants, but that is the way it is done in the US.
Thanks,
Tony
| | | ---------------Original Message---------------
From: CHITTI
Sent: Saturday, April 07, 2012 6:39 AM
Subject: Date from Which Depreciation is to Be Calculated
Our Company unit has paid advances to a Govt. builder for constructing Cellar plus 2 floors. The advances were paid over a period of two years. The building was handedover after completing in all respects on 1st April. However, no document is produced by the Builder while handing over the premises. The building was inaugurated on 15th May, 2010. The Builder has submitted his bill during November, 2010. Which date should our Company take for calculating depreciation. |
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