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Leasehold land
Will the deduction of any lumsum amout paid for acquiring leasehold land be allowed as deduction under Income Tax Act, 1961 ? If yes, under which section and how ?
Replies (4)
no it will not be allowed.it will be added to the cost of land
It will add to your cost of land and whenever you sell it, if it a long term capital asset you can claim indexation benefit on it.
agreed with giridhar sir
sir, it is a leasehold land not a freehold..
lumpsum amount paid is for lease rentals paid in advance... and accordingly I guess should be allowed over the period of lease...
Kindly provide the assistance on this view!
lumpsum amount paid is for lease rentals paid in advance... and accordingly I guess should be allowed over the period of lease...
Kindly provide the assistance on this view!
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