Classification of elevator / lift.
This query is : Resolved
02 April 2012
We have installed a new elevator / lift in our office building.
Kindly intimate me the asset head under which an Elevator / Lift is to be classified and also the rate of depreciation for the financial year 2011-12.
Thanking you in anticipation,
Regards,
Dhanaraj
Kindly intimate me the asset head under which an Elevator / Lift is to be classified and also the rate of depreciation for the financial year 2011-12.
Thanking you in anticipation,
Regards,
Dhanaraj
02 April 2012
elevator and lift are comes under the category of plant and machinery, so you can claim depreciation at 15% if it is used for more than 182 days. this shoud not be treated as building.
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