Fixed asset purchased in cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2015
Dear sir
Can we purchase fixed asset of more than 20,000 in cash??
Can we purchase fixed asset of more than 20,000 in cash??
Amol S Joglekar
(Expert)
10 August 2015
Yes, you may do so, no issues. And why fixed assets, you can spend cash on revenue expenditure as well.
10 August 2015
You can purchase fixed assets in cash without attracting the provisions of Section 40A(3).
However revenue expenditure incurred in cash excess of Rs. 20,000/- will attract the provisions of Section 40A(3).
However revenue expenditure incurred in cash excess of Rs. 20,000/- will attract the provisions of Section 40A(3).
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