fixed assets accounting
This query is : Resolved
vikas gupta
(Querist)
23 February 2009
accounting of rs. 2 crs incurred on furnishing of office which is taken on lease for 20 years..
as the buildling is on lease for 20 years and land is not owned by us.....how can we account the cash out
as the buildling is on lease for 20 years and land is not owned by us.....how can we account the cash out
CA Pradeep Malhotra
(Expert)
23 February 2009
Rs 2.0 Cr should be capitalised under leashold improvment depreciating over 20 yrs
CA Nitin Wadhwani
(Expert)
23 February 2009
Capitalised the amount as "Leasehold Improvements".
vikas gupta
(Querist)
23 February 2009
pl note that there is no tangible asset which can be termed as Leasehold Improveemnts. further, at what rate of depreciation can be claim it under IT Act
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