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Insurance

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(Querist)
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
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
11 March 2008 RS.10000/-
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Sushant Panigrahi

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Sushant Panigrahi (Querist)
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
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Sushant Panigrahi

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Sushant Panigrahi (Querist)
12 March 2008 a
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pushpendra

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pushpendra (Expert)
13 March 2008 For VAT Purpose It will be Rs. 10000.00
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