Hiiii
If an assesse has purchased in cash Flat of an amount lets say for Rs. 4,00,000. Whether it attracts sec 40A (3) (on the basis of payment in Excess of 20K. further purchased flat is on the basis of Power of attorny and its disclosure required in ITR.??
Section 40A(3) is applicable in respect of revenye expenses. Purchasing of flat in cash is a transaction which is capital in nature. So the same will not be disallowed..:)
40 A (3) Not applicable on Capital Expenditure.
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Rohit KC Jain & Co
New Delhi
CA Inter
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
