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Section 40a(3)

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2013 whether payment exceeding Rs 20000/- made by a real estate company for purchase of land to another company be disallowed under section 40A(3)?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 June 2013 No, it may not be allowed as the asset being purchased may not be in the nature of a capital asset looking to the nature of the business of payer.
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Ganeshbabu K

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Ganeshbabu K (Expert)
27 June 2013 yes, it is disallowed,,
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