SALE OF FIXED ASSET
Querist : Anonymous
Eg: WDV 2,00,000
Sale value Rs.2,81,250 [Rs.2,50,000
+ VAT @ 12.5%(Rs.31,250)]
whether the profit on sale is Rs.2,81,250-2,00,000 = Rs.81,250/-
OR
Rs.2,50,000 - 2,00,000 = Rs.50,000.
Querist : Anonymous
hence for the purpose of determing the profit / loss on sale of fixed asset the VAT element should not be included in the sale value.
yOUR PROFIT WILL BE 50000.00
Querist : Anonymous
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