Capitalisation of borrowing costs

i would like to hear view of other members too..

i feel that here property is completed so after completion nothin qualifies capitalisatiion of interest.

if person starts business in property as frim or company, company/firm can claim expenses and person would treat as income.

if he starts business as proprietor he can himself claim expense

My Views! I suppose the issue revolves around Interest.

Regarding the first query on whether interest can be capitalised on the property. I feel it can be capitalised upto the point where the asset is ready for use and not upto the point of commencement of business.

After the asset is ready the interest would be expensed in the books of the individual irrespective of the whether the property is taken over by company/firm or propriety concern.

Members feel free to correct my statement.

Regards.

I think Dhawal covers the issue very well.