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Fixed assets

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(Querist)
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!!!!
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 August 2014 it can be purchased but them it will be disallowed u/s 40A(3) of income tax act
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Rupesh Jain

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Rupesh Jain (Expert)
19 August 2014 you can but fixed assets in cash there is no restriction under income tax
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 August 2014 lap top is not fixed assets.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
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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