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Classification of elevator / lift.

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S.A.Dhanaraj

S.A.Dhanaraj (Querist)
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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

CA G. SURYANARAYANAN

CA G. SURYANARAYANAN (Expert)
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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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