Assets Transfer
This query is : Resolved
07 July 2008
We have two projects in India in different places, and we want to transfer our one project's Assets which almost '0' value in the books of Accounts to another project.
Please clarify the tax / Account / Documentation for the same transfer.
We have two projects in India in different places, and we want to transfer our one project's Assets which almost '0' value in the books of Accounts to another project.
Please clarify the tax / Account / Documentation for the same transfer.
07 July 2008
Shifting of Assets from one project to the other may done by preparing a document which may be called as 'Shifting Memo'. It shold contain the following information:
1. Date
2. Unit wherefrom being shifted
3. Unit where it is being shifted
4. Tag no as given to the Asset
5. Brief Description of the Asset
6. Date of acquisition of the asset
7. Vendor from whom acquired
8. Original Total Cost
9. Accumulated Depreciation till date
10. Details of AMC or Warranty, if any
Entry for shifting of this should be passed in the Fixed Assets Register which will define the new location of that Asset.
Two copies of the same may be sent alongwith the asset one of which will be received with acknowledgement by ur counterpart at the other unit which may be retained on ur records.
In case seperate books of accounts are maintained at both the units then transfer entry for the asset may be passed.
1. Date
2. Unit wherefrom being shifted
3. Unit where it is being shifted
4. Tag no as given to the Asset
5. Brief Description of the Asset
6. Date of acquisition of the asset
7. Vendor from whom acquired
8. Original Total Cost
9. Accumulated Depreciation till date
10. Details of AMC or Warranty, if any
Entry for shifting of this should be passed in the Fixed Assets Register which will define the new location of that Asset.
Two copies of the same may be sent alongwith the asset one of which will be received with acknowledgement by ur counterpart at the other unit which may be retained on ur records.
In case seperate books of accounts are maintained at both the units then transfer entry for the asset may be passed.
07 July 2008
Dear Sir,
Thanks for the reply,
Is this documents enough for Tax authorities such as Check-post in various states?
Please advise
Thanks for the reply,
Is this documents enough for Tax authorities such as Check-post in various states?
Please advise
07 July 2008
Yes, it is self sufficient. However, the transporter will prepare a seperate GR.
07 July 2008
You need both the units registered under the particular State VAT Act. Then only it is permitted to transfer inter units.
28 September 2008
F Forms will be required.
Entry Tax liability (if applicable).
Entry Tax liability (if applicable).
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