Hai Friends,
I have a question. "A" leased his land to "B" for 28 years with an agreement that "B" can use the land for any purpose but should return it back as an empty land. Accordingly, B constructed a building and has let it out for rent. So , as per agreement, he has to demolish his building before giving it to A. My question is that How B has to treat it as per Accounts and Income tax?. How he can make a provision for that Capital loss which would occur after 28 years and What is Income tax Act contention to this case?
CAclubindia
