Depreciation on lifts

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Depreciation on lifts is debated. Some treat lifts as plant and machinery at 15 percent, while others classify them as part of building at 10 percent since they are integral and cannot be removed without damage.

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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