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Borrowing cost

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 March 2014 Pls can anybody tell me if loan taken for the purchase of building and intt. on that loan can be treated as borrowing cost and other cost to take that loan is to be included in loan or borrowing cost or taken to profit & loss a/c as a indirect expense.



WHAT are the treatment of borrowing cost in regard to INCOME TAX.
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harish

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harish (Expert)
21 March 2014 Borrowing cost to be amortised over period of 3-5 years as per Income Tax provision. Refer AS 16 'Borrowing Cost' to get more clarity in this regard.
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