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Interest Will be added or not ?

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(Querist)
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) ?
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
03 August 2010 1 > No

2. > No
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 August 2010 For Q.1 please refer the AS-16 borrowing cost conditions
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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.
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srinath

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srinath (Expert)
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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