Sec 40A(3)
This query is : Resolved
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
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
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
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
04 August 2010
AGREED WITH EXPERTS.
ONLY DEPRECIATION WILL BE DISALLOWED.
EXPENSES OF RUNNING & MAINTIANCE OF CAR WILL BE ALLOWED.
ONLY DEPRECIATION WILL BE DISALLOWED.
EXPENSES OF RUNNING & MAINTIANCE OF CAR WILL BE ALLOWED.
07 July 2011
Sir Car will be a Capital Expenditure ???????? and Section 40A(3) not applicable on capital expenditure??????????????
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