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Question

A lessee signs a 6-month lease of office space with no renewal option. Should it apply Ind AS 116 lease accounting?

A Yes, all leases require recognition.

B No, exemption applies for leases ≤12 months.

C Only if value of lease payments > ₹50 lakh.

D Yes, unless landlord agrees otherwise.

E Only if lease is cancellable.

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