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Section 40A(3)

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15 July 2010 I Want to know that if I purchased a fixed asset exceeding Rs. 20000, whether the depreciation on that will be disallowed under section 40(A)3.

Plz reply, Its urgent
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 July 2010 Section 40(A)3 is not attracted on purchase of fixed asset. Hence depreciaton will be allowed on it.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
15 July 2010 Sec.40A(3) will attract Depreciable fixed purchase by cash more then Rs.20000. hence the related depreciation will be diallowed
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
15 July 2010 THANKS FOR CORRECTION, 40A(3) IS NOT ATTARCTED ONLY ON NON-DEPRECIABLE ASSET LIKE LAND.

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