ITC on capital goods given as gift
This query is : Resolved
Preeti Muthreja
(Querist)
17 October 2019
Dear Experts,
Please advise on the below.
I have purchased furniture for my business in year 1 and taken full ITC. In year 3 I am no longer using it and I gift it to my brother. Will I be liable to reverse the ITC to any extend?
Thanks in advance.
Please advise on the below.
I have purchased furniture for my business in year 1 and taken full ITC. In year 3 I am no longer using it and I gift it to my brother. Will I be liable to reverse the ITC to any extend?
Thanks in advance.
17 October 2019
You have to reverse / pay the ITC availed after reducing 5% per quarter from the month it is availed.
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