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ITC ON CAPITAL GOODS
I have business of Beauty parlour ...for our new branch I had made an interior work costing 2,00,00,000. can I claim ITC on that.
Replies (3)
no its blocked under secrion 17(5) as its for constructionof immovable prop.
as per sec 17(5) itc can not be taken.
yes there's is one way available with u to take ITC . actually purchase of house or construction of house is capital expenditure , however it is not mentioned in law but plain understanding of such term can be in capital expenditure term. however it is not the intention of law maker is that restrict ITC on recurring exp on house. so record such expenditure as recurring expenditure in book and enjoy ITC. check that your accounting policies fit to treat such expenditure non capex.
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