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.
Message likes :
1 times
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
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Management System (IMS)
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
