Cash Purchase of Land
This query is : Resolved
06 May 2010
Can a Private Company purchase Land in Cash??
Is sec.40(A)3 will be applicable for the purchase of land in cash also??
Is sec.40(A)3 will be applicable for the purchase of land in cash also??
06 May 2010
Section 40A(3) does not apply to expenditure which is not to be claimed as deduction u/s 30 to 37.
Purchase of land is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of land in cash.
Purchase of land is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of land in cash.
06 May 2010
thanks sir.
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