Cash purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2014
WHETHER A CAR CAN BE PURCHASED IN CASH ?
Deepti Asawa
(Expert)
03 July 2014
Yes, you can purchase car as an asset in cash. Asset can be be purchase more than 20000 rs. in cash but any expenditure not allowed more than rs.20000( 1 day payment to single person) in cash. For transportation expenses up to rs. 35000 ( 1 day payment to single person) is allowed.
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Rupesh Jain
(Expert)
04 July 2014
yes you can but fixed assets in cash. there is no restriction for fixed assets purchases in cash.
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