banner_ad

Sale of capital asset.....

This query is : Resolved 
Profile Image

Profile Image

(Querist)
05 June 2013 Dear Experts,
I dont know whether any experts are viewing this section nowadays. All most all the questions here are unaswered for pretty long time. I request all experts to share their knowledge with the budding fellows.
A Ltd. purchases a machinery for Rs.1000000 plus VAT 100000. On the year 1 he has utilised 50000 VAT input credit for his VAT liability. Now on the 2nd years the machinery is sold, what has to be done at this stage now.
Thanks & REgards,
RAjesh.
Profile Image

MJ Krishnamurthy

Profile Image

MJ Krishnamurthy (Expert)
06 June 2013 Mr Rajesh,
You have to report this event of sale of capital goods to LVO through a letter. Then the market value of the sold machinery(irrespective of the amount realised from sale) has to be ascertained by a CA after giving necessary deduction of depreciation etc.The input tax already claimed on such reduced value is to be reversed(proportionately) in the returns.....mjk
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details