banner_ad

CASH PAYMENTS ABOVE 20000/-

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 November 2010 I MADE A PAYMENT FOR RS. 200000/- IN CASH AS ADVANCE FOR DEVELOPMENT OF LAND.I HAVE RAISED THE VOUCHER AS "ADVANCE FOR LAND DEVELOPMENT " . LATER ON I SUBMITTED THE BILLS FOR THE ABOVE AMOUNT AND ACCOUNTED THE EXPENDITURE THROUGH JOURNAL VOUCHER. MY QUESTION IS WHETHER THE ABOVE PROCEDURE IS CORRECT OR NOT ? FURTHER DOES SECTION 40 A(3) IS ATTRACTED OR NOT. IS THE EXPENDITURE OF RS.200000/- GOING TO BE DISALLOWED? PLEASE GUIDE ME IN THIS REGARD.
Profile Image

CA.Madhusudan B.P.

Profile Image

CA.Madhusudan B.P. (Expert)
19 November 2010 If you are a business man having income from business or profession, also dealing in real estate / infracture company etc.,
and if you are claiming it as expenses U/s 30 to 37, then the provision of Sec 40A(3) applies & 100% is disallowed.

If you are a salaried person and paid Rs.200000/- to builder, then the provision of Sec40A(3) does not apply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details