Sec 40a(3)
This query is : Resolved
13 May 2014
Sir,
A person have started gold business i.e., buying and selling small gold ornaments in retail, he was purchased gold ornaments in cash and sold them in cash and he is opted sec 44AD in his IT returns, is this purchase of gold in cash attracts sec40a(3). What will be the circumstances.
A person have started gold business i.e., buying and selling small gold ornaments in retail, he was purchased gold ornaments in cash and sold them in cash and he is opted sec 44AD in his IT returns, is this purchase of gold in cash attracts sec40a(3). What will be the circumstances.
13 May 2014
no disallowance is attract under 40a(3) as provisions from section 28 to 43C dont apply to 44ad cases.
15 May 2014
Thank you sir,
Is he can purchase gold in cash for above Rs.20,000/- ?
Is he can purchase gold in cash for above Rs.20,000/- ?
15 May 2014
as I said before if you are covered under 44AD, 40A(3) wont apply. you can purchase in cash.
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