Section 40a(3)
This query is : Resolved
Querist : Anonymous
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)?
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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27 June 2013
yes, it is disallowed,,
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