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 ?
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!
CAclubindia
