Capitalization of interest on heavy vehicle

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Rosario Melvin (Querist)
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08 June 2024 I have taken a specific loan for constructing the body of Heavy vehicle. Can i capitalize the interest of loan, if the vehicle is constructed and put to use within 12 months?

Kindly rectify my query, it will be grateful. Gratitude in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 June 2024 Yes, you can capitalise such construction period interest.

Rosario Melvin

Rosario Melvin (Querist)
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10 June 2024 what if it does not satisfies as an "Qualifying Asset"? In my question, the construction of vehicle's body has not covered the substantial period of time for intended to use. Still can I capitalize the interest?

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