40 (a) (3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 October 2011
Sir
I have an issue regarding 40 (A)(3) payments.
The assessee doing real estate business, while purchasing the properties have paid cash in excess of 20000/- and registered the document with concerned registrars.
Could any body suggest me the ways and means of avoiding 40 (A)(3) disallowance
thanks in advance
I have an issue regarding 40 (A)(3) payments.
The assessee doing real estate business, while purchasing the properties have paid cash in excess of 20000/- and registered the document with concerned registrars.
Could any body suggest me the ways and means of avoiding 40 (A)(3) disallowance
thanks in advance
29 October 2011
The section you quoted is wrong.
It should be 40A(3) not 40(a)(3).
Since the assessee is engaged in the real estate business. Expenditure incurred by him is claimable under sec 30 to 37.
Payment inexcess of rs.20000 will attract disallowance of whole amount.
Rgards
Laxmi narasimha
It should be 40A(3) not 40(a)(3).
Since the assessee is engaged in the real estate business. Expenditure incurred by him is claimable under sec 30 to 37.
Payment inexcess of rs.20000 will attract disallowance of whole amount.
Rgards
Laxmi narasimha
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