Cost of house property
This query is : Resolved
Sneha dagli
(Querist)
11 September 2012
will interest paid on borrowed funds for aquisition of house property(before possession) be capitalised
11 September 2012
1. Interest paid before acquisitions shall be allowed as deduction u/s 24 in 5 equal installments beginning from the year in which the property is acquired.
2. It will NOT be capitalised.
2. It will NOT be capitalised.
Sneha dagli
(Querist)
11 September 2012
what if interest is not taken as deduction in year of aquisition and property is sold aftr one year of acqusition.will it be capitalised in this case. and thankyoy
K Srinivas, CMA CS
(Expert)
11 September 2012
If interest on home loan not availed as deduction , even then the interest amount WILL NOT be capitalized.
Interest on home loan (both pre-construction and post-construction)are the benefits that an assessee choos to avail or not to avail. In no cases, the amount will be capitalized
Interest on home loan (both pre-construction and post-construction)are the benefits that an assessee choos to avail or not to avail. In no cases, the amount will be capitalized
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