Amortisation of LeaseHold Land

This query is : Resolved

Vivek Gangwal (Querist)
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30 April 2008 If leasehold land amortised whether amortised amount is allowable expenditure under the I T Act,1961.

The following example can illustrate the query
Eg: Leasehold amortisation amount o Rs.1000/-

Taxable Profit Rs.15000/-
less: aortisation 1000/-
Taxable profit Rs.14000/- after amortisation

Jitender

Jitender (Expert)
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30 April 2008 it is not allowable.

Vivek Gangwal

Vivek Gangwal (Querist)
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30 April 2008 Please provide specific answer since it is not cleared as per Act

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Jitender

Jitender (Expert)
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30 April 2008 dep is not avilable on any kind of land.
and lease rentals is allowable as exp whether lease is operating or financial as per varios decisions and a circular issued in this regard by CBDT.