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Interest on asset

This query is : Resolved 
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(Querist)
24 March 2010 Dear Sir

An asset is purchased out of loan availed from bank, can I take depreciation as well as interest on loan in P&L.
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Anurag Agarwal

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Anurag Agarwal (Expert)
24 March 2010 The query is incomplete please tell whether the asset is ready for use>>>>
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
24 March 2010 YES YOU CAN TAKE BOTH IF ASSET IS PUCHASED OUT OF TERM LOAN AND PUT TO USE IN THE YEAR IN WHICH INTEREST AND DEP IS REQUIRED TO BE AVAILED.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
24 March 2010 please mention the asset put use or not,you can also refet AS-16
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