X Limited began construction of a new plant on 1st April, 2011 and obtained a special loan of ₹8 lakhs to finance the construction of the plant. The rate of interest on loan was 10 per cent per annum. The expenditure that was made on the project of plant construction was as follows :
1.4.2011 ---- ₹10,00,000;
1.8.2011 ---- ₹24,00,000;
1.1.2012 ---- ₹4,00,000.
The company’s other outstanding non-specific loan was ₹46,00,000 at an interest of 12 per cent per annum. The construction of the plant was completed on 31.3.2012. You are required to calculate the amount of interest to be capitalised as per the provision of AS-16 of the borrowing cost (including cost).