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Amir bhai, for the preconstruction period, where it is said that to the extent sec 24 deduction ont allowed, it can be claimed as cost of acquisition? |
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Bhai litle bit out of context cos the thread is not related to this subject.......:)
Interest on borrowals is deductible only if it is not allowed under section 57 - The interest paid on borrowings for the acquisition of a capital asset must fall for deduction under section 48. But, if the same sum is already the subject-matter of deduction under other heads like those under section 57, it cannot find a place again for the purpose of computation under section 48 - CIT v. Maithreyi Pai
This Link will resolve all ur doubt - https://www.vipca.net/as16.php
CAclubindia
