Nature of expenditure on construction of building on leasehold ...
Income Tax
February 14, 2023
Nature of expenditure on construction of building on leasehold land - the lessor does not own the building and the assessee cannot own the same as capital asset since the land does not belong to the assessee and at the time of termination of lease agreement, the assessee has to either handover the building along with the land or remove the superstructure and handover the land to the lessor. Therefore, the said expenditure would be allowable as revenue expenditure in the hands of the assessee - AT
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