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sec 40A (3)

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(Querist)
11 June 2010 whether sec 40A (3) is aplicable to a payment made in cash for purchase of Land. I have gone through the books and got a circular no. 34 dated 5th march 1970 which states that payment could be made in cash for purchase of Capital Assets. But I still a doubt reguarding the validity of the said circular. Please help me out.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
11 June 2010 Capital asset can be purchase in cash.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
11 June 2010 Section 40A(3) does not apply to expenditure which is not to be claimed as deduction u/s 30 to 37.
Purchase of land is capital expenditure.
Under section 37, only revenue expenditure is deductibele.
Hence 40A(3) is not applicable to purchase of land in cash.
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soheb

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soheb (Querist)
11 June 2010 thank you
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