Cash Expenses Exceeding 20000
This query is : Resolved
26 March 2010
Whether Cash expenses of More than 20000 is allowed for purchase of Gold.?
26 March 2010
SEC 40A(3)IS ALSO APPLICABLE TO DEPRECIABLE ASSETS.
HENCE IF CAPITAL EXPENDITURE IS RELATED TO DEPRECIABLE ASSETS THEN SEC 40A(3) APPLICABLE OTHERWISE NOT APPLICABLE
HENCE IF CAPITAL EXPENDITURE IS RELATED TO DEPRECIABLE ASSETS THEN SEC 40A(3) APPLICABLE OTHERWISE NOT APPLICABLE
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26 March 2010
Whether it is allowed if expenses is for purchase of GOLD?
26 March 2010
yes, no problem we are not claim depreciation on gold.
26 March 2010
your query not mentioned whether gold you are purchasing as fixed asset or not,my view other than individul gold may not come under fixed asset.please you mention the purpose it is normal business ( purchase and selling) disallowance will applicable
27 March 2010
AGREE WITH RAMESHJI
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