Depreciation on lifts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
As per income tax act ,whether lifts are part of building (dep. @ 10%) or plant & machinery (dep. @ 15%).
16 May 2012
Lift should cover under Plant
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Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
thanks sir for your response, but some persons replied that lifts are a part of building, is there anything in writing somewhere about classification of lifts.
16 May 2012
Dear user,
I Disagree with Mr.Sanganeria,
Lift Elevators form part of Building and can not be removed without dimolishing the building.
Accrodingly, rate applicable to building i.e @10% will be charged.
I Disagree with Mr.Sanganeria,
Lift Elevators form part of Building and can not be removed without dimolishing the building.
Accrodingly, rate applicable to building i.e @10% will be charged.
Message likes :
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