Payment For Owning Property Exceeds Rs 20000 in One day
This query is : Resolved
Mahesh P Kelkar
(Querist)
15 December 2009
Suppose,I want to purchase one new House as a Property.But Previous Owner of that House now demanded me of Rs.300000 hard cash in respect of that Particular House.So if i'l make payment to him in One day of Rs.300000,Then Sec 40A(3) is applicable or not?
Plz Reply me on maheshkelkar03@gmail.com
Plz Reply me on maheshkelkar03@gmail.com
15 December 2009
Section 40A(3) is not applicable in case of purchase of any capital asset. Moreover, you are purchasing a personal asset and Sec. 40A(3) is applicable to Business related expenditure that is claimed under head Profits and Gains of Business and Profession.
Murtaza I Bhagat
(Expert)
15 December 2009
agree with mr. amol that 40A(3) not applies for capital asset purchase in your case.
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