How should the asset classified in hotel industry & where does Sanitation & plumbing work be classified under Fixed asset head ?
4 Replies
CA PRIYUL SHAH
(JOB)
(901 Points)
Replied 29 November 2013
It is same way like other business classified their assets. Cosy incurred for setting sanitary & pipes considered as a fixed assets. Cost incurred to maitain efficiency will not be regarded as a fixed assets.
Avinash Jain
(Student)
(26 Points)
Replied 29 November 2013
| Originally posted by : CA PRIYUL SHAH | ||
 |
It is same way like other business classified their assets. Cosy incurred for setting sanitary & pipes considered as a fixed assets. Cost incurred to maitain efficiency will not be regarded as a fixed assets. |  |
Thnaks for your answer sir, but under which sub fixed asset should the sanitary and plumbing work needs to classified like fixation of tabs, pipelines, showers etc.? is it building or plant & machinery or fixtures?
Avinash Jain
(Student)
(26 Points)
Replied 29 November 2013
| Originally posted by : CA PRIYUL SHAH | ||
|
It is same way like other business classified their assets. Cosy incurred for setting sanitary & pipes considered as a fixed assets. Cost incurred to maitain efficiency will not be regarded as a fixed assets. | |
Thnaks for your answer sir, but under which sub fixed asset should the sanitary and plumbing work needs to classified like fixation of tabs, pipelines, showers etc.? is it building or plant & machinery or fixtures?
CA PRIYUL SHAH
(JOB)
(901 Points)
Replied 29 November 2013
In case Taj Mahal Hotel vs Commissioner Of Income-Tax. on 1 August, 1967 it was held that Sanitary & pipes considered as Plant & Machinery...
So It covered under Plant & Machinery, Eligible for 15% depreciation
Recent Topics
- LTCG immovable property sale
- Ewaybill generation for Return of Goods From Exhib
- A foreign entity engages some persons for doing th
- Property late registration selling now
- REQUIRED DELHI BASED LOGISTICS COMPANY 2 YRS OLD
- Rebate under 87A - STCG right to property
- GST RFD-01
- Profit & Loss Statement Analysis: Gross Profit
- Response to defective return notice in case of 139
- Capital loss for surcharge purchase?
Related Threads
CAclubindia
