Accounts

This query is : Resolved

riddhi (Querist)
Follow

01 July 2015 I have purchased a new AC and have sold old AC in cash and also paid installation charges Rs. 1000/- in cash so how to account this?
should i account the purchase and sale entry separately? also installation charges will be clubbed with AC amount

Ankur Singhal

Ankur Singhal (Expert)
Follow

01 July 2015 dear ridhi
u can purchase ac in cash section 40a(3) will not get attracted.
Yes do the entry of sale & purchase separately.
Also add the installation cost to the value of asset.

Message likes : 1 times

riddhi

riddhi (Querist)
Follow

03 July 2015 can you send the article where the assets which can be purchased in cash is given. I dint knew about that AC can be purchased in cash.
Thanks a lot

Ankur Singhal

Ankur Singhal (Expert)
Follow

03 July 2015 Dear Riddhi

I think ur getting confused in section 40A(3)where expenses more than Rs.20000/- are disallowed.
Do not get confused any asset can be purchased in cash.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Anant Kuber

MAYANK

jayaraman

swaminathan

YARRAMREDDY M

Subscribe Now

Accounts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

GST CONSULTANCY

CA Final

Senior Executive

Accountant

Manager- Finance and Compliance