capital goods up vat
This query is : Resolved
13 October 2016
hello my query relates to up vat
one of our clients has bought a capital asset in may 2016 for which ITC first installment will begin in may 2017.
but before that in Nov 2016 he sells such capital asset what would be the effect on vat credit that will arise in 3 yrs beginning from may 2017.
04 November 2016
Dear Sanchit,
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
No effect on ITC....... It is available for set off .
Fixed assets (Capital Goods) can be sale any time with output vat on it.
Kaushal Garg Advocate
9213157055
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- NRI INSURANCE ADVISOR
- Reporting in TDS return
- Loss of interest in PF transfer from EPFO to Trust
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Missed TDS
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
