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Sec 40A(3)

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(Querist)
04 August 2010 Good Morning Experts,

When A Car Purchased Rs 4.5 lakhs and Fully Payment is made in Cash then the Depriciation on Car Is Allowed or Not


And allowed Then What Amount Is Allowed Considered Sec 40A(3) Cash Payment Disallwed Exceeding 20000/-

Thanks
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 August 2010 Sec.40(A)3 applicable for depreciable assets also, so the depreciation related to that car will be disallowed
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P-A-W-A-N

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P-A-W-A-N (Querist)
04 August 2010 Whole Car Expense also Disallowed



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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
04 August 2010 Car purchase is not expenses, it will be capitalised and depreciated accordingly, so the depreciation amount which you are claiming in the year will be disallowed
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
04 August 2010 AGREED WITH EXPERTS.
ONLY DEPRECIATION WILL BE DISALLOWED.
EXPENSES OF RUNNING & MAINTIANCE OF CAR WILL BE ALLOWED.
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P-A-W-A-N

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P-A-W-A-N (Querist)
07 July 2011 Sir Car will be a Capital Expenditure ???????? and Section 40A(3) not applicable on capital expenditure??????????????

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