Sale of capital asset.....
This query is : Resolved
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.
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.
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 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
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