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Moumita Sinha (Querist)
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26 July 2013 An asset which takes 7 months to get constructed for it's intended use, can it be defined as Qualified Asset?Whether the time period is relevant?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 usually the qualifying asset should take more then 12 months to be long term in nature.

time period is relevant.

Moumita Sinha

Moumita Sinha (Querist)
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26 July 2013 But if it takes less than 12 months then such asset cannot be treated as Qualifying asset,and borrowing cost incurred on such asset cannot be capitalised?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 as-16 uses the word 'substantail period' which means normally 12 months or more then that.

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