Purchase of fixed assets
This query is : Resolved
02 January 2015
One of my client in karnataka purchased Audi Car worth of 40 lakhs and vat @14.5@% which amounts to 597191.00 can we avail input vat on the same if so.. please advise the methods to avail the vat input.
Ketan Shah
(Expert)
02 January 2015
Since the car purchased seems to be for personal use of director / partner and does not have any nexus with output input credit cannot be availed.
Message likes :
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02 January 2015
Alternatively only when its for use of official purpose then under KVAT it is allowed.
CA Ayush Agarwal
(Expert)
02 January 2015
Keep Proper Documentation for the Purpose of the said car for Official use, You can Avail 50% of Excise Duty Input this Year.
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