if a builder purchases a land in cash above Rs. 20,000.00, Is their anyways he can escape the ambit of Sec 40A(3)?
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Replies (2)
as per CBDT clarification the section is not applicable for the purchase of capital assets. But for a builder the land so purchased for the construction is not a capital asset
40A(3) is only for revenue exp. not capital exp. so it is not applicable to u
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