Borewell to Be Covered Under Plant & Machinery General Head & Taxable @ 15%

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

Originally posted by : kantijain
	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

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.

Dear Pranav,

since it is a charitable organisation and borewell is related to building construction, 10% must be the appropriate rate.

Regards

Kanti Jain

Yes, Then 10% is Suitable Rate

10%

What should be rate of depreciation for borewell in co-operative housing society?  Whether we can expense it off in the 1st year itself???