Purchase of land
Sir what is limit for purchase and sale of land in cash
Replies (2)
Dear Friend,
if land is held as stock in trade , then Provision of section 40A(3) Of income tax Act 1969 applicable , other wise purchase of land in cash not allowed for deduction.
and under saction 40A(3) only up to Rs.20000/- allowed for business expenses in a single payment.
Thanks
Vineet Kumar
Contract-7770010353
If land is purchased as fixed asset in cash not for deduction purpose then the limit is 1 lac or 20000
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