Asset head for lift/elevator
This query is : Resolved
03 April 2012
Company has installed a Lift for his office building purpose, under which head lift is classified?
and the rate of Depreciation under companies act 1956?
can any one guide me.
and the rate of Depreciation under companies act 1956?
can any one guide me.
CA CS Amit S. Kedia
(Expert)
03 April 2012
Dear Hardik,
The lift/Elevator forms part of building and deprecition is charged accordingly on building.
The lift/Elevator forms part of building and deprecition is charged accordingly on building.
03 April 2012
Thank U SIr,
But may i know any reference for the same to show my management.
But may i know any reference for the same to show my management.
03 April 2012
Dear Amitbhai,
One Day Agot Mr. C.A G Surnarayan had told that same is to be consider as Plant & MAchinery instead of office building , so still there is a consusion?
Can u please guide me?
One Day Agot Mr. C.A G Surnarayan had told that same is to be consider as Plant & MAchinery instead of office building , so still there is a consusion?
Can u please guide me?
CA CS Amit S. Kedia
(Expert)
03 April 2012
Dear Hardik,
The lift forms part of the building itself. Further, it can not be removed without demolishing the building after installation
The useful life of the asset is same as that of building, hence the depreciaton rate will be same of building.
The lift forms part of the building itself. Further, it can not be removed without demolishing the building after installation
The useful life of the asset is same as that of building, hence the depreciaton rate will be same of building.
CA CS Amit S. Kedia
(Expert)
03 April 2012
No, it is not possible to classify it under plant & Machinery.
Since it is not separable from the building, it need be depreciated @ of building.
Since it is not separable from the building, it need be depreciated @ of building.
Nilesh Gami
(Expert)
09 May 2019
is RCC beam constructed to fit plant can be considered as plant and machinery or building for depreciation purposes ?
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