Depreciation
This query is : Resolved
malli and Nag
(Querist)
17 June 2010
A firm is constructed a mythological museum ,in this museum have many gods status. What is the rate of depreciation for Income tax purposes .The status are made with cement
Aditya Maheshwari
(Expert)
17 June 2010
I. Building [See Notes 1 to 4 below this Table]
(1) Buildings which are used mainly for residential purposes except hotels and boarding houses
5
(2) Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below
10
(3) Buildings acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause (i) of sub-section (4) of section 80-IA
100
(4) Purely temporary erections such as wooden structures
100
So rate should be 10%
(1) Buildings which are used mainly for residential purposes except hotels and boarding houses
5
(2) Buildings other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below
10
(3) Buildings acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause (i) of sub-section (4) of section 80-IA
100
(4) Purely temporary erections such as wooden structures
100
So rate should be 10%
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