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Gold Bullion Business

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(Querist)
30 December 2008 Can we purchase GOLD above Rs.20000/- in cash, It is allowable or not as per I.Tax in gold bullion business
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
31 December 2008 No, it is not allowable
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 December 2008 Purchase expenditure will be disallowed u/s 40(A)(3)of the Income Tax Act,1961.
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Ashutosh Joshi

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Ashutosh Joshi (Querist)
31 December 2008 thanks to both of you for reply
Ashutosh

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