Question regarding 40a(3)
This query is : Resolved
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????
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.
09 December 2015
Read more than 20000/- instead of 40000/-.
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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