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input tax credit

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(Querist)
27 November 2008 whether car is eligible capital goods to claim input tax credit if no what is the accounting treatment for input tax & output tax on Purchase & sale of car
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Reetika Goel

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Reetika Goel (Expert)
27 November 2008 In the definition of Input, Motor car is specifically excluded.
However, in explanation if u are using the motor car within your premises then its input tax credit can be claimed.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
27 November 2008 ITC on Car is disallowed.
Input Tax is included in cost of purchase of car.
there is not output tax on sale of car.
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