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Cash Expenses Exceeding 20000

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Dipendra (Querist)
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26 March 2010 Whether Cash expenses of More than 20000 is allowed for purchase of Gold.?

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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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

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Dipendra (Querist)
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26 March 2010 Whether it is allowed if expenses is for purchase of GOLD?

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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26 March 2010 yes, no problem we are not claim depreciation on gold.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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27 March 2010 AGREE WITH RAMESHJI

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