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Disallowance under section 14a

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(Querist)
24 January 2013 If amount is invested in investment from which exempt income will be genereated, on 1st Day of January, then for calculation of disallowance of interest expense, whether i should consider interest expense for whole year or interest expense incurred only after 1st Day of January i.e. only for 3 months
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
24 January 2013 If ITO invokes Rule 8D-
whole years interest is also considered under the computational framework.
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If you want to remain safe, earmark the borrowed money, which has exclusively been utilised for such investment and do not claim that part of interest as an expense.
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Suppose you have invested Rs 5.00 lacs in January 2013, but borrowed that interest bearing fund in Nov 12. Exclude the entire interest from Nov 12 to March 13.
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