About sec 40a(3)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2014
if any payment made above 20000 for capital expenditure.Is this allowable or not u/s 40A(3)
Nikhil Kaushik
(Expert)
06 June 2014
yes it is allowed. 40a(3) doesnt apply to capex.
06 June 2014
it is related to expenditure and that is claimed in profit and loss a/c i guess except sec 35 there is no sec which allows capital expenditure....
07 June 2014
Section40A (3) is applicable only to revenue expenditure and not capital expenditure. So any capital expenditure in excess of Rs.20000 has no impact on income tax.
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