Amortisation of LeaseHold Land
This query is : Resolved
30 April 2008
If leasehold land amortised whether amortised amount is allowable expenditure under the I T Act,1961.
The following example can illustrate the query
Eg: Leasehold amortisation amount o Rs.1000/-
Taxable Profit Rs.15000/-
less: aortisation 1000/-
Taxable profit Rs.14000/- after amortisation
The following example can illustrate the query
Eg: Leasehold amortisation amount o Rs.1000/-
Taxable Profit Rs.15000/-
less: aortisation 1000/-
Taxable profit Rs.14000/- after amortisation
30 April 2008
Please provide specific answer since it is not cleared as per Act
30 April 2008
dep is not avilable on any kind of land.
and lease rentals is allowable as exp whether lease is operating or financial as per varios decisions and a circular issued in this regard by CBDT.
and lease rentals is allowable as exp whether lease is operating or financial as per varios decisions and a circular issued in this regard by CBDT.
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