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TMI BlogITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDGX X X X Extracts X X X X X X X X Extracts X X X X ..... ITC ON CAPITAL GOODS FOR CONSTRUCTION OF BLDG X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee take ITC on Capital Goods used for constuction of building as well as interior furniture, if the property so construction is used for renting purposes. 1. CAse 1: Renting of Rooms like a Hot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el 2. Case 2: Renting of Banquet Hall for marriage purposes. Your opinion is highly recommended. Reply By Shilpi Jain: The Reply: Credit will not be eligible to the extent of capitalisation to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... building. The interior furniture would generally be movable and would be capitalised under furniture and fixtures. Credit should be eligible for this as it would not fall under sec 17 restriction. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... G specifically used for construction of building would not be eligible unless you wish to follow the decision given in the case of Safari Retreats, which is now pending before the SC. Reply By DR.MAR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IAPPAN GOVINDARAJAN: The Reply: I endorse the views of Shilphi Jain. Reply By KASTURI SETHI: The Reply: In this scenario, ITC is not allowed. Reply By Himansu Sekhar: The Reply: No ITC is allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is barred by sec 17(5). X X X X Extracts X X X X X X X X Extracts X X X X
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