claiming set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2009
My client is purchase the goods eg gold for his business itself but his bussiness is not related to gold can he get set off for the same.
Amol Suresh Sinkar
(Expert)
02 December 2009
Although your client is not engaged in the bussiness of Gold but if he used the Gold as a sales promotion or schemes for distribution to the customer & you have debited the expenses to the Profit & Loss A/c. you will entitle to claimed the set-off on the Vat paid on the Gold purchases.
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