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CA Arvind Singh

This query is : Resolved 
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(Querist)
03 September 2008 Dear Professional Friends,

A Company has paid a amount of Rs. 10,00,000/- for acquring a LEASEHOLD LAND for a period of 60 years and which are to be amortise equally in the books of account during 60 years period.

Can you please suggest me what will be the accounting entry. can it be treated as fixed assets in the Fixed Assets schedule.

Plz reply.

Thanx & Regards,

CA Arvind Singh
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Jitender

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Jitender (Expert)
03 September 2008 if lease is acquired for substantial period of economic life of asset or lessee has the option to acquire the asset at the end of period of lease,then treat as fixed asset- refer as -19 also.
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CA Arvind

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CA Arvind (Querist)
03 September 2008 Thanx Mr. Jitender for reply.

This lease is expired after the end of 60 years and after that assets are transfer to the lessor again. then in that case what will be the position.
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