Cash transfer or not
This query is : Resolved
Vipin Rathi
(Querist)
14 July 2013
Dear All,
Can Sole proprietor cash amount Rs. 25 lac transfer to one sole concern to another sole proprietor concern.
in this case sec. 40(a ) 3 apply or not.
Can Sole proprietor cash amount Rs. 25 lac transfer to one sole concern to another sole proprietor concern.
in this case sec. 40(a ) 3 apply or not.
CA PARAS BAFNA
(Expert)
14 July 2013
40A(3) is not applicable.
.
If you are the proprietor of both the concern , it can be transferred.
.
Not only you, if any Proprietor having two concerns, X & Y, he can freely transfer funds from X to Y or Y to X.
.
.
If you are the proprietor of both the concern , it can be transferred.
.
Not only you, if any Proprietor having two concerns, X & Y, he can freely transfer funds from X to Y or Y to X.
.
CA Kumar Mukesh
(Expert)
14 July 2013
Please beware with section 269SS & 269T
These transactions may pose penalties
Please beware with section 269SS & 269T
These transactions may pose penalties
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