Query for payment in excess of 20000

This query is : Resolved

Pankaj Kumar Mali (Querist)
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21 July 2012 Sir i would like to know that my client has paid around 8 lakhs Rs. in cash for purchase some land....is it permissible ?? and my client has paid no of Tour advances exceeding Rs. 20000....Indirectly i.e, through Tour advances co. is paying amount exceeding Rs. 20000 to different parties....whether expenditure incurred will be allowable for deduction under incom tax or not ???????

Mohit Naithani

Mohit Naithani (Expert)
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21 July 2012 u/s 40A(3) any payment exceeding Rs 20000/- will not allow and expenses would be disallowed at a time of finalization of Account.

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