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Fixed asset purchased in cash

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 August 2015 Dear sir

Can we purchase fixed asset of more than 20,000 in cash??
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Amol S Joglekar

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Amol S Joglekar (Expert)
10 August 2015 Yes, you may do so, no issues. And why fixed assets, you can spend cash on revenue expenditure as well.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 August 2015 You can purchase fixed assets in cash without attracting the provisions of Section 40A(3).
However revenue expenditure incurred in cash excess of Rs. 20,000/- will attract the provisions of Section 40A(3).
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