40 a (3)

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Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2013 Is 40 A (3) is applicable on capital expenditure.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 June 2013 Sec.40A(3) applicable on capital expenses also. but practically this section disallows the expenses claiming in p&l only.so capital expenses not claimed under p&l, disallowance is not practical

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 June 2013 No.
Section 40 A(3) is for expenses covered under sections 30 to 37 of the Income tax act,1961 and claimed as deduction under revenue expenditure. Further Circular no. 34 dated 05/03/1970 also says that section 40 A(3) is not applicable for purchase of a capital asset not meant for resale.

Querist : Anonymous

Querist : Anonymous (Querist)

05 June 2013 sir, it means that capital assets purchased for cash consideration is eligible for depreciation.

Ganeshbabu K

Ganeshbabu K (Expert)
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05 June 2013 Yes, it is eligible for depreciation

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