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INPUT CREDIT ON LIFT/ELEVATOR INSTALLED IN BAKERY SHOP
SIR, CAN WE TAKE ITC ON LIFT INSTALLED IN OUR BAKERY SHOP? please give your valuable reply.
Replies (5)
No credit not available
To which account it is capitalized? - Building etc..
If its used for carry Goods purpose , only then ITC is available.
but Is actually lift installed is connected with land and building ? so section 17(5) applicable to this transaction.
dear ,
as i replied , if its being used in carrying goods, it can capitalised as machinery , & as per section 17(5) , the itc can be claim on machinery
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