Section 40a(2)(b)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2011

I HAVE A QUERY REGARDING DISCLOSURE OF "PAYMENTS MADE TO RELATIVES".

I HAVE MADE PURCHASE FROM MY RELATIVE, AND MAKE SOME PAYMENT IN THIS RESPECT.

THEN WHAT I HAVE TO REPORT IN 3CD CLAUSE NO. 18. RELATED TO SECTION 40A(2)(b), PURCHASE AMOUNT OR PAYMENT AMOUNT.?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 August 2011 The amount to be shown ( to be disallowed in tax computation also) is the excess, if any, between the fair market value of the goods and the purchase value.

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