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Land taken on lease

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(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
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CA Pushpendra Gaur

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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
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CA Pushpendra Gaur

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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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