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Q. > Please Help: Fixed Assets
Dear All In one of my clients case an office is allotted to him from Commissioner of Industries, Delhi on lease in 1981, on lease rental basis. The client is paying lease rental annually. And also claim the same as Expense in Income Tax Return. In 2006 The commissioner of Industries comes up with a scheme to convert the lease agreement to Hire purchase Agreement. The scheme got final in April 2011 on following terms and condition which are as follows. That Total Rs 6 lack(nearly) Payable at single go. Out of which a credit of Rs 1.5 Lack is available( i.e. Lease rental paid from 1981 to 2006).
Balance 4.5 lack paid in 2011. I want to know by what amount Fixed assets to be recorded and in which Year.
answered Dec 16, 2013 by SUBHASH KUMAR JHA , Darbhanga
4,50,000
answered Dec 16, 2013 by SUBHASH KUMAR JHA , Darbhanga
4,50,000
Experts Panelist
Comments
ANUJ GUPTA
16-Dec-2013 , 05:00:47 pmbook the fixed assets at Rs.4.5 lakh as u claimed the lease rent as exp in different p.yrs. Since the 1.5 lakh or credit is given bcoz of lease rent payment which is already claime as exp.100%. Now book the dep on 4.5 lakh