Fixed assets
This query is : Resolved
19 August 2014
dear experts, let me know whether
fixed assets be purchased in cash whose price exceeds 20000.......one of our client purchased laptop for 34000 and his argument is that it can be purchased!!!!
19 August 2014
it can be purchased but them it will be disallowed u/s 40A(3) of income tax act
19 August 2014
you can but fixed assets in cash there is no restriction under income tax
19 August 2014
lap top is not fixed assets.
19 August 2014
It is not a fixed asset but it is a capital asset and is depreciable asset. Accordingly 40A(3) wont apply.
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