Construction Expenses
This query is : Resolved
13 January 2021
SIR
I am a proprietor and bought a loan of Rs.40 lac from Bank in the last year for constructing the office and house. Rs.30 lac out of Rs.40 lac are with drawn and expended by cash and the rest of Rs.10 lac expended by bank. Further, I spent Rs.15 lac by cash for additional work.
Can I show the expenses relating to the construction in my accounts and claim any exemption for paying repayment of interest from paying Income Tax ?
guide me plz
thanks in adv
I am a proprietor and bought a loan of Rs.40 lac from Bank in the last year for constructing the office and house. Rs.30 lac out of Rs.40 lac are with drawn and expended by cash and the rest of Rs.10 lac expended by bank. Further, I spent Rs.15 lac by cash for additional work.
Can I show the expenses relating to the construction in my accounts and claim any exemption for paying repayment of interest from paying Income Tax ?
guide me plz
thanks in adv
25 September 2021
Cash expenditures will not be allowed.
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