Insurance
This query is : Resolved
11 March 2008
1)Suppose i am an insurance company &
2)i am settling a claim on behalf of damaged Motor Vehicle whose historical cost is say 5 lakhs, and i am settling the claim at 2.5 lakhs, in excchange of that damaged car.
3)When i sale the damaged car i will realised only Rs 10000,what will be the cost of the vehicle for charging VAT, Is it 2.5Lakhs or RS 10000
2)i am settling a claim on behalf of damaged Motor Vehicle whose historical cost is say 5 lakhs, and i am settling the claim at 2.5 lakhs, in excchange of that damaged car.
3)When i sale the damaged car i will realised only Rs 10000,what will be the cost of the vehicle for charging VAT, Is it 2.5Lakhs or RS 10000
11 March 2008
RS.10000/-
11 March 2008
How As per VAT Law Cost of Sale Should be more than the Cost of Purchase, if the cost of sale is undervalued then cost of sale should be taken at historical price of the goods/items
12 March 2008
a
13 March 2008
For VAT Purpose It will be Rs. 10000.00
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
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
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
