Section 40A(3)
This query is : Resolved
15 July 2010
I Want to know that if I purchased a fixed asset exceeding Rs. 20000, whether the depreciation on that will be disallowed under section 40(A)3.
Plz reply, Its urgent
Plz reply, Its urgent
15 July 2010
Section 40(A)3 is not attracted on purchase of fixed asset. Hence depreciaton will be allowed on it.
15 July 2010
Sec.40A(3) will attract Depreciable fixed purchase by cash more then Rs.20000. hence the related depreciation will be diallowed
15 July 2010
THANKS FOR CORRECTION, 40A(3) IS NOT ATTARCTED ONLY ON NON-DEPRECIABLE ASSET LIKE LAND.
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