Purchase of fixed assets through cash above rs. 20000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2014
Dear Expert,
If any business man purchase fixed assets above Rs. 20,000 though cash Section 40(a)(3) apply there or not.
Thanks in advance.
If any business man purchase fixed assets above Rs. 20,000 though cash Section 40(a)(3) apply there or not.
Thanks in advance.
29 December 2014
since it shall be capitalised so actually you are not claiming it as an expense in profit and loss a/c
and hence sec 40A(3) is not applicable in this case.
and hence sec 40A(3) is not applicable in this case.
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Rupesh Jain
(Expert)
29 December 2014
no on fixed assets purchase section 40(a)(3) not apply.
Ashwani Narnoli
(Expert)
29 December 2014
SEC 40(a)(3) will not apply
CA Ayush Agarwal
(Expert)
30 December 2014
The said Section Apply for the Expenses which you are Claiming in Income tax, hence Not applicable on Fixed assets.
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