treatment of land purchased at lease
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 January 2011
if i bought a land for 90 yrs of lease whether it should be treated as fixed asset in books or treatment should be different.
23 January 2011
Land is never a finance lease unless title passes to the lessee at the end of the lease term.
It still has to be considered as an operating lease. Cannot be capitalised in your books.
It still has to be considered as an operating lease. Cannot be capitalised in your books.
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 January 2011
then Mr vivek what should be the treatment for a real estate company who took it on lease and going to construct residential flats on it for sale.
23 January 2011
In the Books of the LESSEES :Finance Leases are to be recognised as asset and liabilities at amounts equal to the fair value of the leased property
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
