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.?
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.?
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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