Mahavat on sale of old car
This query is : Resolved
09 April 2016
sir,
I am partner in partnership firm in mumbai.
I have purchased new car of rs ten lakhs in my personal name, I use it as business asset, i have showed it in my partnership firm's balance sheet, i claim depreciation of car for tax benefit, i have not claimed any set off of Maha- vat of new car.
i had old car in my personal name which i used for business purpose, i showed it in firms balance sheet, i took benefit of depreciation of that car, which i sold at 4 lakhs.
am i suppose to pay maha vat on sale of that old car (sold for rs. 4 lakhs).
if yes, then at what percent should i pay vat.
pls reply.
regards girish shah
I am partner in partnership firm in mumbai.
I have purchased new car of rs ten lakhs in my personal name, I use it as business asset, i have showed it in my partnership firm's balance sheet, i claim depreciation of car for tax benefit, i have not claimed any set off of Maha- vat of new car.
i had old car in my personal name which i used for business purpose, i showed it in firms balance sheet, i took benefit of depreciation of that car, which i sold at 4 lakhs.
am i suppose to pay maha vat on sale of that old car (sold for rs. 4 lakhs).
if yes, then at what percent should i pay vat.
pls reply.
regards girish shah
09 April 2016
Have you taken any set off (input credit) of the said CAR. .... .....OLD one........ ....(which you have sold for 4 lakh?)
If yes : then you need to pay vat
If no : then you need not pay vat.
If yes : then you need to pay vat
If no : then you need not pay vat.
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