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Leasehold improvment

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(Querist)
26 July 2010 Please explain what is leasehold improvment? how it is to be treated in books of accounts?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 July 2010 It should be capitalised and be written over the period of the lease.
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Gaurav Barmera

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Gaurav Barmera (Querist)
27 July 2010 Whether it is to be disclosed under the head intengible asset or some other head?
is it deductible for tax computation?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 July 2010 Leasehold improvements are part of furniture & fixtures only and dep is charged on enhanced value and the same is not allowable for income tax purpose. In IT dep allowable on normal rates only.
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