Cash payment for purchase of car
Querist : Anonymous
Can I purchase a Motor car by paying cash for an amount Rs. 2,45,000/- ,
Whether it will evasion of section 269ss or not?
If yes , then under in which income tax section I can pay cash ,
Kindly give me a full clarification on this matter.
Thanks in advance.
Subhash Jain
Querist : Anonymous
Further please clear me that in which section or rules or case law it is allowable and why section 40(a)3 and 269ss will not attract.
Thanks
Subahsh jain
269 SS applies for loans and deposits
Querist : Anonymous
That is true , but in the both sections there is no any clarification that for the capital expenditure and for the purchase of fixed assets both sections will not attract.
waiting for your reply
Querist : Anonymous
Because of that in financial bill , 2015 , government bared the limit for the purchasing of immovable property.( not will allow to pay in cash exceeding the limit of 20,000/- )
I hope that you are getting my point.
Thanks
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