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Capital gain

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(Querist)
05 September 2013 I have purchased a house property for rs 50,00,000 from a direct party and for the purpose of the agreement 50,00,000 is taken.

Now due to delay in payment of the down payment of 1000000 i have to pay Rs 50000 as interest/Penalty.

I want to know whether the interest/penalty is to be added in the cost of acquisition or not.?
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
05 September 2013 I'm Sorry this would not be capitalized....
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Ganesh jangid

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Ganesh jangid (Querist)
06 September 2013 Can you please tell the related section/Provision for the same as it is required during the assessment.??
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
06 September 2013 No, It wouldn't be capitalized...
I found that this type of interest would not be treated as expense for the cost of the Asset...

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