Sale of Fixed assets
This query is : Resolved
02 February 2009
1. sale of motor car in a patnership firm to company .
2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .
3. any income tax liability involved.
4. any sales tax liability /vat is involved
2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .
3. any income tax liability involved.
4. any sales tax liability /vat is involved
CA. B.SRINIVASULU
(Expert)
02 February 2009
Since you are selling from partnershp firm to company, first you should assign the market value and sell the car for more than that value.
Irrespective the depreciated value as per coy act or it act you can sell at market value.
Since block method is followed based on block short term capital gain may arise.
Vat liability varies from state to state.
For eg in TN : if sales tax is not charged in that state then the seller has to pay sales tax.
Irrespective the depreciated value as per coy act or it act you can sell at market value.
Since block method is followed based on block short term capital gain may arise.
Vat liability varies from state to state.
For eg in TN : if sales tax is not charged in that state then the seller has to pay sales tax.
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