Qualifying asset
This query is : Resolved
08 October 2012
Dear Sir,
X is a pvt ltd co doing real estate development business. The company has acquired one fixed asset as an investment not in normal course of business. The possession of the said asset is going to take some time. The company is interested to capitalise the interest portion attributable to that qualifying asset.
Please comment , is it correct ??
X is a pvt ltd co doing real estate development business. The company has acquired one fixed asset as an investment not in normal course of business. The possession of the said asset is going to take some time. The company is interested to capitalise the interest portion attributable to that qualifying asset.
Please comment , is it correct ??
08 October 2012
As per AS-16, it is a qualifying asset since it is an investment property and for such property the cost which are directly attributable to the acquisition, construction are eligible for capitalization, hence it is correct.
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