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?
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Capitalization of property tax with building
Replies (1)
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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