Cash payment for purchase of agri. land by auditable firm
This query is : Resolved
30 March 2013
Can anyone tell me whather a Auditible Partnership firm can make payment in cash for purchase of agriculture land??? And whather for purchase of any other fixed assets..???
30 March 2013
For purchase of fixed assets section 40A(3) not applicable. So you can purchase agricultural land by cash.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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30 March 2013
Thank you very much sir,
But if my client is involved in the business of land developing than??
He is dealing in purchasing of agri. land and than sell it after developing it.
But if my client is involved in the business of land developing than??
He is dealing in purchasing of agri. land and than sell it after developing it.
30 March 2013
Then it comes under business catogery and he held such land is as stock in trade then section 40A(3) attracts. Because of section 40A(3) applicable for the goods purchased for the purpose of business.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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