09 December 2015
hello sir
i have to ask quest. that if a client is a property dealer and he purchased property in cash exceed 20000 will 40A(3) Applicable to them????
09 December 2015
I don't think it will come under section 40A(3) since it is not an expenditure but new asset purchase. But making payment in cash for more than Rs. 40000/- will invite violation of amended provisions of section 269SS if property has been purchased post amendment.
CAclubindia
