Assets Transfer

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Murugesh (Querist)
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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.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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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.

Murugesh

Murugesh (Querist)
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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

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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07 July 2008 Yes, it is self sufficient. However, the transporter will prepare a seperate GR.

Sambasiva Rao

Sambasiva Rao (Expert)
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07 July 2008 You need both the units registered under the particular State VAT Act. Then only it is permitted to transfer inter units.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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28 September 2008 F Forms will be required.

Entry Tax liability (if applicable).

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