if a builder purchases a land in cash above Rs. 20,000.00, Is their anyways he can escape the ambit of Sec 40A(3)?
if a builder purchases a land in cash above Rs. 20,000.00, Is their anyways he can escape the ambit of Sec 40A(3)?
as per CBDT clarification the section is not applicable for the purchase of capital assets. But for a builder the land so purchased for the construction is not a capital asset
40A(3) is only for revenue exp. not capital exp. so it is not applicable to u
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