Land Development Charges
This query is : Resolved
23 November 2021
Sir,
Sir I want to know whether cash payment in excess of Rs. 10000 can be allowable in case of land development charges. Say for example I was incurred Rs. 30000 by cash for JCB Work on my land. Whether this can be allowable.
Sir I want to know whether cash payment in excess of Rs. 10000 can be allowable in case of land development charges. Say for example I was incurred Rs. 30000 by cash for JCB Work on my land. Whether this can be allowable.
23 November 2021
Any cash payment in excess of Rs. 10000/- is not allowed for deduction.
More over TDS would be deductible in such cases.
More over TDS would be deductible in such cases.
23 November 2021
Is it allowable to accumulate in land as assets. In case of depreciable asset it will attract disallowance for claiming of depreciation.
23 November 2021
As per sec. 32 r.w.s. Section 43 of the Act disallows the capital expenditure incurred in cash. For Instance, purchase of Fixed Assets. Here land would not be affected as no depreciation is being claimed on it.
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