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Taxxcare (Student)     03 June 2011

Query-Depreciation on lift

Is the Lift , D.G setWater pumps provided by builder are the assets of Housing Society or are they included in cost of land & bulding and no need to depreciate yearly.



 4 Replies

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)     03 June 2011

They are seperate n can operate independently...........it should not be included in d cost of land....contrary should be shown seperately n must also be depreciated.

Views of others are also welcomed n correct me if  m wrong.

CA DEEPAK BANSAL

CA DEEPAK BANSAL (ACA, B.COM(H) )     03 June 2011

Hi Tushar

I think u are correct and these items should be depreciated as machinery.

1 Like
suja nair

suja nair (Finance)     03 June 2011

Lift and Dg set needs to be capitalised separately as they can operate separtely as rightly said by Tushar and Deepak.

Its not right to capitalise the same with cost of building as life these assets are very much less than the life of buliding.

CA ADITYA SHARMA

CA ADITYA SHARMA (CA IN PRACTICE )     03 June 2011

tushar is correct

1 Like

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