Depreciation on lifts

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Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2012 As per income tax act ,whether lifts are part of building (dep. @ 10%) or plant & machinery (dep. @ 15%).

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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16 May 2012 Lift should cover under Plant

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Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2012 thanks sir for your response, but some persons replied that lifts are a part of building, is there anything in writing somewhere about classification of lifts.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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16 May 2012 Dear user,

I Disagree with Mr.Sanganeria,

Lift Elevators form part of Building and can not be removed without dimolishing the building.
Accrodingly, rate applicable to building i.e @10% will be charged.

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