Cash Expenses Exceeding 20000
This query is : Resolved
26 March 2010
Whether Cash expenses of More than 20000 is allowed for purchase of Gold.?
26 March 2010
SEC 40A(3)IS ALSO APPLICABLE TO DEPRECIABLE ASSETS.
HENCE IF CAPITAL EXPENDITURE IS RELATED TO DEPRECIABLE ASSETS THEN SEC 40A(3) APPLICABLE OTHERWISE NOT APPLICABLE
HENCE IF CAPITAL EXPENDITURE IS RELATED TO DEPRECIABLE ASSETS THEN SEC 40A(3) APPLICABLE OTHERWISE NOT APPLICABLE
Message likes :
1 times
26 March 2010
Whether it is allowed if expenses is for purchase of GOLD?
26 March 2010
yes, no problem we are not claim depreciation on gold.
26 March 2010
your query not mentioned whether gold you are purchasing as fixed asset or not,my view other than individul gold may not come under fixed asset.please you mention the purpose it is normal business ( purchase and selling) disallowance will applicable
27 March 2010
AGREE WITH RAMESHJI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
