Can anyone tell me what is the rate of depreciation for Borewell as per the Income Tax Act?
Any help is greatly appreiciated.
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 01 June 2010
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 01 June 2010
Dear Pranav,
The depreciation rates have to be referred to after knowing the business of the assessee. Depending on that may be one of us can help u out with apt dep rate.
Regards
Kanti Jain
Pranav
(Doing something or the other)
(92 Points)
Replied 01 June 2010
Originally posted by : kantijain | ||
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Dear Pranav, The depreciation rates have to be referred to after knowing the business of the assessee. Depending on that may be one of us can help u out with apt dep rate. Regards Kanti Jain |
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So sorry. I forgot. It is a Charitable Educational institute. As such, i don't think it should be included in 'Plant and Machinery' but instead in 'Buildings' and depreciated at the rate of 10%. But I am not sure.
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 02 June 2010
Dear Pranav,
since it is a charitable organisation and borewell is related to building construction, 10% must be the appropriate rate.
Regards
Kanti Jain
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 02 June 2010
Gaurav Mittal
(Director)
(36 Points)
Replied 14 July 2010
What should be rate of depreciation for borewell in co-operative housing society? Whether we can expense it off in the 1st year itself???
sharad rajendra more
(accountant)
(21 Points)
Replied 18 May 2016
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