Depreciation on lifts

This query is : Resolved 

Avatar

Querist : Anonymous

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

16 May 2012 Lift should cover under Plant

Avatar

Querist : Anonymous

Profile Image
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.

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.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query