Assets sale after claiming depreciation
This query is : Resolved
Querist : Anonymous
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.
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.
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.
2.no.
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.
and income tax applicable if gain is generated.
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