Int paid amount business expenses allowed.
This query is : Resolved
Quick Summary
30 August 2020
Assess loan received from banks and others Rs: 70 lacs for the purposes of construction of commerical building .
Question:
Assess loan interest to banks and other persons paid amount treated for business expenses(p&l) allowed or construction of commerical building include interest amount in I.t.act.
Question:
Assess loan interest to banks and other persons paid amount treated for business expenses(p&l) allowed or construction of commerical building include interest amount in I.t.act.
31 August 2020
If you claim as Business Expenditure you can not capitalise it.
02 December 2021
If the assessee has construction business, then he claim interest as expense, but cannot capitalize it.
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