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Land recognition

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(Querist)
11 May 2013 The Govt has allocated Land for the company's research activities at 1Rs/YEAR as lease rental for 30 years.

Should i record the Land in the books at a nominal value?
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
12 May 2013 Yes definitely. It must be recorded.

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