A building is purchased on 31st May 2012. Property taxes pertaining to 1st April 2012 - 30t Sep 2012 is paid on that building. Can the proportionate taxes upto May (Dt of purchase) be capitalized?
T S D ( ) (236 Points)
25 December 2012A building is purchased on 31st May 2012. Property taxes pertaining to 1st April 2012 - 30t Sep 2012 is paid on that building. Can the proportionate taxes upto May (Dt of purchase) be capitalized?
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 25 December 2012
The matter of substance over form rules here.
See that regitration doesnt matter but the possession of land matters.
If the date of possession and date of registration is same then proportionalte cap. can be done.
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