Claim of VAT on purchase of Fixed Assets
This query is : Resolved
01 October 2010
Hi All,
Can anyone help me on this, my client had purchased a Swift Car, I considered the vat included in its invoice as receivable and adjusted against the VAT payable amount. But, now the CA is telling that He can't claim VAT on purchase of fixed asset, as the asset is not purchased for business purpose.
Please help me out as early as possible, as I have to finalise Balance sheet and submit it to the CA.
Please give notification or clause no. or circualr no. with date if possible.
I will be very thankful to you.
you can e-mail me at junnu_ali@rediffmail.com
Is there any way to include such vehicle as commercial vehicle to take input credit??
Can anyone help me on this, my client had purchased a Swift Car, I considered the vat included in its invoice as receivable and adjusted against the VAT payable amount. But, now the CA is telling that He can't claim VAT on purchase of fixed asset, as the asset is not purchased for business purpose.
Please help me out as early as possible, as I have to finalise Balance sheet and submit it to the CA.
Please give notification or clause no. or circualr no. with date if possible.
I will be very thankful to you.
you can e-mail me at junnu_ali@rediffmail.com
Is there any way to include such vehicle as commercial vehicle to take input credit??
Ram Avtar Singh
(Expert)
01 October 2010
your CA is right. you can claim input vat only on commercial vehicle.
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