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Sale of Car

This query is : Resolved 
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(Querist)
28 May 2009 Dear All,

I would like to know whether any tax is to be charged when a used car which was capitalized is sold.

Please reply at your earliest
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
28 May 2009 Capital gain tax would be applicable. If it is personal car then no tax.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
28 May 2009 agreed with the expert
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Saranjha

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Saranjha (Querist)
28 May 2009 It is an office car (partnership firm). Will Vat have to be charged on the price when sold?
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Vipul J. Bhavsar

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Vipul J. Bhavsar (Expert)
28 May 2009 No. VAT is not needed to be paid.
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Sanjeev Kumar

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Sanjeev Kumar (Expert)
28 May 2009 if, the said firm registered under VAT/Sales Tax laws then the firm is liable to pay VAT/S.T. @12.50% on sale of car used in business BUT, if the firm is not registered under said laws and the sales values below thereshold limit i.e. in Delhi 10/- lacs for sales within Delhi and Rs. 1/- under CST Act, then the firm is not liable and if vise-versa then liable to pay.
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