Land taken on lease
This query is : Resolved
CA.Surendra Singh
(Querist)
01 September 2011
We have taken a land on lease from Government for the period of 99 years.We have paid rs.10,00,000 for this land and we have to pay Rs. 20000/- per annum as lease rental.kindly tell us wheather this land will be treated as freehold land or lease hold land in our books and what is the accounitng tratment of Rs. 1000000/-this amount will be amortise in a period of 99 years or not.
Regards
Surendra
Regards
Surendra
CA Pushpendra Gaur
(Expert)
26 September 2011
lease rental of rs 20000 paid on annual basis is to be charged to P/L A/c every year
CA Pushpendra Gaur
(Expert)
26 September 2011
the front load premium paid on the land lease to be amortised over 99 years as rightly pointed by u
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