payment more than Rs.20000/-sec.40A(3)
This query is : Resolved
13 August 2009
Whether purchase of land(only land,no building) by cash more than Rs.20000/-is allowable or not?
13 August 2009
Disallowance is only for those items which are charged to Profit & Loss Statement. For Capital Expenditure there is no disallowance u/s 40A(3).
13 August 2009
thanks.but as per V.k.Singhania book para49.3-3,Section 40A(3) is appilicable even if an assessee purchase a depreciable asset.So whether it is applicable to depreciable asset & Disallowance of depreciation.
13 August 2009
No 40A(3) not applicable
14 August 2009
Agree with Mr. Aditya
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