How can I calculate formation energy of a system (unit cell of bulk/supercell thin film) by using ab-initio DFT method (VASP in particular)?

As per of my understanding suppose I want to calculate formation energy for bulk Fe2VAl (gull Heusler alloy) then I should get it by using following Eform.=E(Fe2VAl) - 2*EFe -EV -EAl

If its right then my question is that what value should I take it of EFe , EV ,  and EAl ? Is it the energy value of Fe, V and Al calculated from a separate bulk calculation of Fe, V and Al for the respective crystal structure form in which they crystallizes individually or its some other value?

Please clarify my doubt, thanks in advance

sincerely

Rohit 

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