Allowability of pre emi interest in case of commercial prop.
This query is : Resolved
Pratik A Rughani
(Querist)
26 October 2012
Assessee has entered into agreement for Purchase of Commercial Property (Dastavech/Sale deed not entered till 31.3.12) for this assessee has availed Loan and has been interest around Rs. 80k in the F.Y. 2011-12 can I get deduction of whole interest in A.Y. 2012-13 itself if yes kindly provide the section....
or any other alternative source i.e. it is Capital Expenditure and need to be capitalised..?
Regards
Assessee has entered into agreement for Purchase of Commercial Property (Dastavech/Sale deed not entered till 31.3.12) for this assessee has availed Loan and has been interest around Rs. 80k in the F.Y. 2011-12 can I get deduction of whole interest in A.Y. 2012-13 itself if yes kindly provide the section....
or any other alternative source i.e. it is Capital Expenditure and need to be capitalised..?
Regards
Dintakurthi Tirumala
(Expert)
26 October 2012
I think according to the AS-16 Borrowing cost it should be capitalize.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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