Accounting Treatment of Leasehold land? Whether can be revalued under AS 10?
This query is : Resolved
24 August 2023
Can a Leasehold land (taken on lease for 99 years) be revalued under AS 10? Also, please suggest the accounting treatment?
24 August 2023
It can't be revalued as ownership is not with lessee.
NCLAT found that leasehold rights satisfy all three criteria to meet the definition of an intangible asset, i.e., identifiability, control over the resource by the enterprises and expectation of future economic benefits to the enterprise.
NCLAT found that leasehold rights satisfy all three criteria to meet the definition of an intangible asset, i.e., identifiability, control over the resource by the enterprises and expectation of future economic benefits to the enterprise.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
