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REGARDING LIFT PURCHASE

This query is : Resolved 

25 June 2024 LIFT PURCHASE FOR SHOP AND INSTALL IN SHOP

CAN WE CLAIM DEPRICIATION.. OR
ALL PURCHASE VALUE OF LIFT ADD ON SHOP ASSET VALUE (FIXED ASSET)
CONFUSED.?

THANKS IN ADVANCE


26 June 2024 If lift is installed after completion certificate, you can account it under fixtures and depreciate at 10% rate.

26 June 2024 BUT RESPECTED SIR AS PER MY KNOWLEDGE MACHINERY DEP RATE IS 15% ...
I THINK I WAS WRONG. RESPECTED SIR PLZ EXPLAIN SIR ...
THANKS IN ADVANCE


26 June 2024 Lift will not come under machinery in a shop. Either consider it in building Or furniture & fixtures, both gets depreciated at 10%.

28 June 2024 OK SIR TO USKO SHOP KI COST MEIN NAI ADD KARU NA ALAG SE LIFT KE LEDGER CREATE KARKE 10 PERCENT DEPREICATION LAGA DU YA SHOP KI COST MEIN ADD KAR DU ....

28 June 2024 If you are depreciating the shop building, then add it to that; otherwise create another group for Furniture & Fixture and add the cost to it for depreciation.

28 June 2024 ok many thanks sir Dhirajlal Rambhia sir

28 June 2024 You are welcome.




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