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)?
PULKIT MITHAL (LAWYER) (31 Points)
01 September 2009if a builder purchases a land in cash above Rs. 20,000.00, Is their anyways he can escape the ambit of Sec 40A(3)?
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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