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Interest paid on land by individual. how to calim that interest in the company
The land in the name of individual having interest on land of Rs 1.5crore and he is director of a company. How the company can claim that interest paid by individual on this loan. The company wants to build a building on this land and want to show building as an asset in the books of company and land itself in the name of the individual director.
Replies (2)
Since the land is in the name of the company it cannot be claimed as business expenditure😊
Land owner director will be eligible to claim interest (if any available) .
The Company can not build a building on that Land owned by director and show building as asset and not land. (meaning director remaining land owner).
The company first require to buy land and build on it. Otherwise what you planning is very very strange scenario.
The Company can not build a building on that Land owned by director and show building as asset and not land. (meaning director remaining land owner).
The company first require to buy land and build on it. Otherwise what you planning is very very strange scenario.
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