Whether the interest paid for the purchase of plot showed as Capital Asset, is allowed as deduction as cost of acquisition/ improvement at the time of sale of the capital asset?
1 Replies
Balaji Ramalingam
(Student - CA Final)
(285 Points)
Replied 16 February 2018
Interest on loan taken for purchase of land is a part of cost of acquisition only, provided the land is not a business asset.
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