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Assets sale after claiming depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2015 Dear expert

i have just sold my assets. on which i have already claimed depreciation in previous year.

my queries is. whether vat or any taxes will be applicable on the value of assets.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
29 January 2015 1.vat may be applicable and for that u need to check the state vat law in which ur business is located.

2.no.
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Rupesh Jain

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Rupesh Jain (Expert)
29 January 2015 vat applicable on sale consideration as per the local law of vat of your state.
and income tax applicable if gain is generated.




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