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Sale of Assets

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(Querist)
26 August 2009 We have two units in Faridabad, one unit was sold (i.e., land and building) alongwith the plant and machinery, furniture and all the electric installation, under an Agreement. Stamp Duty was paid on the agreement.

I would like to know whether vat will be charged on the sale of plant and machiney, furniture and electric installation under Haryana VAT Act.

Also, whether the payment of stamp duty will have any impact on the vat payment
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Ravi Verma

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Ravi Verma (Querist)
31 August 2009 Kindly reply on urgent basis
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Sanjeev Kumar

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Sanjeev Kumar (Expert)
31 August 2009 No.
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Ravi Verma

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Ravi Verma (Querist)
31 August 2009 Whether your answer is for impact of payment of stamp duty on VAT or

for charging of vat onthe assests.
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Ravi Verma

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Ravi Verma (Querist)
05 September 2009 VERY URGENT
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CA Kamal Gangaramani

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CA Kamal Gangaramani (Expert)
11 September 2009 usually stamp duty is only on land and building. On sale of plant and machinery and furniture etc, you have to pay vat. First see how have you constructed you sale agreement.
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