I'm a landowner who gave land for development in consideration for 28 flats. Now I'm selling those 28 flats. Please let me know how much maximum cash expenses I can claim against income. I have showed 20000 per day cash expenses in various category like advertisement, salaries to staff , rent , refreshment expenses, conveyance, telephone expenses , sales expenses , printing and stationary, conveyance , electricity charges and repairs and maintenance..Made sure that single party expense per day not exceeding 10000..Will that b OK to claim maximum cash expenses other than the regular cheque expenses.
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Maximum cash expenses that can be claimed
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Quick Summary
Yes you can claim the amount as expense as the amount paid had not exceeded Rs. 10,000 per day per person. However, to avoid future disturbances try to check the same with other party books of accounts and if they had gave you any bill or receipt then try to keep the entries with sync with those bills and receipts.
This is as per Sec 40 A (3)
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