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)?
2 Replies
arpna gupta
(article)
(38 Points)
Replied 06 September 2009
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
MR. R....halpfull hand is back
(.)
(297 Points)
Replied 07 September 2009
40A(3) is only for revenue exp. not capital exp. so it is not applicable to u
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