intt on loan for pur of plot
This query is : Resolved
kirit kalyani
(Querist)
07 January 2009
i took loan of rs 10 lacs for pur of plot of rs 25 lacs. intt on the loan for 2 yrs was paid to the tune of rs 3 lacs. now plot is sold for 32 lacs [stcg 7 lacs]. whether intt can be taken as part of cost of plot ?
kirit kalyani
(Querist)
07 January 2009
1
K V Subba Rao
(Expert)
07 January 2009
Interest paid on a loan taken for the purchase of a plot of land is not considered as an expense towards purchase.
Therefore, it can not be included in the cost of acquisition
(Source: https://www.raagvamdatt.com/Article121.html
Therefore, it can not be included in the cost of acquisition
(Source: https://www.raagvamdatt.com/Article121.html
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