Capital gain
This query is : Resolved
Ganesh jangid
(Querist)
05 September 2013
I have purchased a house property for rs 50,00,000 from a direct party and for the purpose of the agreement 50,00,000 is taken.
Now due to delay in payment of the down payment of 1000000 i have to pay Rs 50000 as interest/Penalty.
I want to know whether the interest/penalty is to be added in the cost of acquisition or not.?
Now due to delay in payment of the down payment of 1000000 i have to pay Rs 50000 as interest/Penalty.
I want to know whether the interest/penalty is to be added in the cost of acquisition or not.?
CA Pallav Singhania
(Expert)
05 September 2013
I'm Sorry this would not be capitalized....
Message likes :
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Ganesh jangid
(Querist)
06 September 2013
Can you please tell the related section/Provision for the same as it is required during the assessment.??
CA Pallav Singhania
(Expert)
06 September 2013
No, It wouldn't be capitalized...
I found that this type of interest would not be treated as expense for the cost of the Asset...
I found that this type of interest would not be treated as expense for the cost of the Asset...
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