12 December 2009
During the year we have taken a loan for the construction of the assets and construction of such assets has been started during the construction period of such assets it was sold. Upto the date of sale we have paid interst on such loan.
My query is that wheather interest paid on such loan upto the date of sale of assets was allowed as cost of acquition. If yes please tell me the relevant section under such deduction is allowed.
Pls note that such assets were acquired by an individual for his personel purpose not for business puproses.
CAclubindia
