How to account for land taken on lease?

Aniket Kumar (99 Points)

14 June 2020  

For a land taken on lease by the government for 30 years, the following payment of Rs. one crore is made one time:

1. 60 lakhs - salami (equal to value of land)

2. 30 lakhs - rent for 30 years 

3. 10 lakhs - cess for 30 years

How do I take entry of this payment in my accounts? Will it be an asset or an expense?