Question regarding 40a(3)

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amay (Querist)
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09 December 2015 hello sir i have to ask quest. that if a client is a property dealer and he purchased property in cash exceed 20000 will 40A(3) Applicable to them????

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 December 2015 I don't think it will come under section 40A(3) since it is not an expenditure but new asset purchase. But making payment in cash for more than Rs. 40000/- will invite violation of amended provisions of section 269SS if property has been purchased post amendment.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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09 December 2015 Read more than 20000/- instead of 40000/-.

amay

amay (Querist)
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09 December 2015 from property I mean to say any buildings. in which he deals..I thought its an inventory for them is it?

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