Interest on borrowed fund allowed as cost of acquisition
This query is : Resolved
19 January 2012
Hello Friends,
I have buy a non-depreciable asset of Rs.15lacs and I have took loan of Rs.10/- lacks. Interest paid on loan is Rs1,50,000/- aprx.
can i claim interest paid on loan to buy an asset as a cost of acquisition for the purpose of calculating capital gain.
I have buy a non-depreciable asset of Rs.15lacs and I have took loan of Rs.10/- lacks. Interest paid on loan is Rs1,50,000/- aprx.
can i claim interest paid on loan to buy an asset as a cost of acquisition for the purpose of calculating capital gain.
19 January 2012
No, for calculating capital gain only can be taken
1. Cost of Acquisition
2. Cost of Improvement
3. Expenses on sales proceeds
Interest on loan not covered
1. Cost of Acquisition
2. Cost of Improvement
3. Expenses on sales proceeds
Interest on loan not covered
Message likes :
1 times
04 November 2012
Please see the link
http://www.financialexpress.com/news/-interest-on-loans-for-investment-forms-part-of-acquisition-cost-/272753/1
The ratio of the decision in 252 ITR 459 (Mad) is also in favour of the taxpayer.
http://www.financialexpress.com/news/-interest-on-loans-for-investment-forms-part-of-acquisition-cost-/272753/1
The ratio of the decision in 252 ITR 459 (Mad) is also in favour of the taxpayer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- RCM - commercial rent paid to URP under GST
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
