Sale of Car
This query is : Resolved
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
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
28 May 2009
Capital gain tax would be applicable. If it is personal car then no tax.
28 May 2009
agreed with the expert
28 May 2009
It is an office car (partnership firm). Will Vat have to be charged on the price when sold?
28 May 2009
No. VAT is not needed to be paid.
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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