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Interest on term loan taken to fund purchase of office space

This query is : Resolved 
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(Querist)
06 June 2012 My client has taken term loan for purchase of office space.
My querry is whether the interest paid on such term loan has to be capitalized or to be debited to PnL
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
06 June 2012 If it is for a ready office space or for renovating the place, it will not fulfil the qualifying asset critia under AS 16 and thus will be expensed when incurred.
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