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Q. > Please Help: Depreciation on Lift Installed in Rented Building .
Whether Depreciation will be allowable on Installation of Lift In Rented Office Building ? or it may be consider as revenue expenses ?
2 Answers
answered Jun 12, 2013 by Vikash Kumar Jha , Cuttack
It should be treated as revenue expense but if there is a spefic time period given in rent agreement then you can treate depreciable assets for that specified period.
answered Sep 07, 2013 by Vaneet Gupta , Delhi
yes allowed. Depreciation period will be lesser of the useful life of the Lift or Rent agreement period
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Devendra Ranka
14-Jun-2013 , 10:38:38 amThanks Vikash Ji, I want to provide further information that Building was owned by Other group companies & Period of Rant agreement is life time i.e. it will be renew everytime at the time of Expiry. If you have any case law reference plz also mentioned