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Agriculture land fixed assets

This query is : Resolved 
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(Querist)
04 June 2013 I have a construction business, I have purchased a Agriculture Land on loan. I'm paying interest on it Amounting Rs. 2,50,000/-..

Now how will I treat the interest in Books of Accounts Weather To Capitalise it or to treat is as expenses ...

And also how Should I show This Agriculture Land In my Book Of accounts ...

Note : I am using this agriculture Land For Agriculture Purpose only..
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CA Sourabh Agarwal

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CA Sourabh Agarwal (Expert)
06 June 2013 If the land is available for use since the date of purchase itself, you are not allowed to capitalise any interest.
On facts given, Show agriculture land as asset, do not charge depreciation, write off interest expenses.
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