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SALE OF FIXED ASSET

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 June 2010 In case of sale of fixed asset, whire arriving at the profit/loss on sale of asset, whether the VAT amount should also be included in the sale value.
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.
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hshivakumar

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hshivakumar (Expert)
19 June 2010 yes VAT is applicable and your profit is Rs. 50,000/- only.
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Querist : Anonymous

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Querist : Anonymous (Querist)
19 June 2010 thanks sir

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.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
19 June 2010 WHILE CALCULATING YOUR PROFIT VAT SHOULD NOT BE INCLUDED.
yOUR PROFIT WILL BE 50000.00
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 June 2010 thanks sir
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