Section 40a(3) of the income tax act.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 April 2012
Dear friends
I have a query related to section 40A(3) of The Income Tax Act.
A person working as a property dealer, when he purchases the land then some payment made in cash which may be in lakhs. As per section amount paid in cash is disallow.
Now I want to know that whether this type of Assessee have some relaxation or not???
I have a query related to section 40A(3) of The Income Tax Act.
A person working as a property dealer, when he purchases the land then some payment made in cash which may be in lakhs. As per section amount paid in cash is disallow.
Now I want to know that whether this type of Assessee have some relaxation or not???
03 April 2012
Amount paid in cash for purchase of land is not disallowed (assuming land is capital asset and not stock in trade) since it is not a depreciable asset and it is not claimed as expenditure u/s 30 to 37.
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