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fixed assets accounting

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(Querist)
23 February 2009 accounting of rs. 2 crs incurred on furnishing of office which is taken on lease for 20 years..

as the buildling is on lease for 20 years and land is not owned by us.....how can we account the cash out
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CA Pradeep Malhotra

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CA Pradeep Malhotra (Expert)
23 February 2009 Rs 2.0 Cr should be capitalised under leashold improvment depreciating over 20 yrs
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
23 February 2009 Capitalised the amount as "Leasehold Improvements".
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vikas gupta

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vikas gupta (Querist)
23 February 2009 pl note that there is no tangible asset which can be termed as Leasehold Improveemnts. further, at what rate of depreciation can be claim it under IT Act

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