14 June 2016
QUERY: MR. A HAS PLEDGED HIS FACTORY BUILDING WITH NATIONALISED BANK AGAINST LOAN FOR HIS BUSINESS. MR. A HAS SOME SALES TAX LIABILITY ON HIS BUSINESS, WHICH HE IS RUNNING ON THIS FACTORY BUILDING. WE WISH TO BUY ONLY HIS FACTORY BUILDING (NOT HIS BUSINESS) WHICH IS PLEDGED WITH THE BANK. WE WILL PAY THE FULL SALE CONSIDERATION TO THE BANK, THEREAFTER SALE DEED WILL BE REGISTERED IN OUR NAME.
“WILL SALES TAX LIABILITY BE SHIFTED/ TRANSFERRED ON ME AFTER PURCHASING THE FACTORY BUILDING”? OR “WILL I FACE ANY DIFFICULTY TO GET SALES TAX REGISTRATION ON THIS FACTORY BUILDING”?
14 June 2016
I dont think that should have any issues for you. Unless sales tax people have taken steps to attach the said property for realising their dues.
CAclubindia
