Int on borroed capital used for expansion of bus
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2011
if i purchase building premises for expansion of business of existing business and paying EMI each month,can i claim deduction of interest in PGBP head?
can i claim for deduction principal amt
?
if not why?
can i claim for deduction principal amt
?
if not why?
13 December 2011
Interest will be allowed as deduction and Principal amount will not be allowed as deduction.
Principal is nothing but it will be asset to you after the loan repayment was done. It is nothing but acquiring a capital asset.
Thanks,
CA M Sreenivasa Rao.
Principal is nothing but it will be asset to you after the loan repayment was done. It is nothing but acquiring a capital asset.
Thanks,
CA M Sreenivasa Rao.
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