Interest Will be added or not ?

This query is : Resolved

AMIT (Querist)
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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) ?

CMA. Subhash Kumar Jha

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

2. > No

CMA Ramesh Krishnan

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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

srinath

srinath (Expert)
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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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