Interest Will be added or not ?
This query is : Resolved
03 August 2010
Interest paid for asset Rs. 2500
Cost of asset Rs. 100000
Q1.Will Interest be added to cost of acqusition of asset ?
Q2. do indexation benefit available in tranfer of short term asset and for Equity shares and units of moutal fund u/s 10(23d) ?
Interest paid for asset Rs. 2500
Cost of asset Rs. 100000
Q1.Will Interest be added to cost of acqusition of asset ?
Q2. do indexation benefit available in tranfer of short term asset and for Equity shares and units of moutal fund u/s 10(23d) ?
03 August 2010
1 > No
2. > No
2. > No
03 August 2010
For Q.1 please refer the AS-16 borrowing cost conditions
03 August 2010
1. If asset for ready for use at the time of acquistion then interest cannot be capitalised.
2. Indexation not allowed for short term assets.
2. Indexation not allowed for short term assets.
03 August 2010
in income tax act section 36i(iii) til the asset is put to use u cannot claim deduction
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