Sale of fixed assets

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2011 we r authorised dealers of Automobile but due to heavy loss we r almost closed all its activities in last year still we have pending with us some spare parts and tools which is also reflected in balance sheet (Fixed assets) now we r selling all the parts and tools and machinary to another dealer.
i have query that sale of such fixed assets is chargebale by full rate of Tax(ie.12.5%)

and apart from that some of tools are purchase from local dealers.whether set off of such local purchase can be claimed at time of sale of such fixed assets.

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
Follow

24 November 2011 Mr. Author,
Such sales of left out parts,tools machinery,even if they are assets,are liable for VAT.If the total value of such sales falls below the minimum required for registration, then you can claim exemption on those sales,if they are all locally procured goods.For interstate purchaed goods there is no limit.You have to pay vat on any sales of outside the state goods.On
sales of local parts and machineries you can avail input credit....MJK

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Angadi & Co

SHUBHANGI GOEL

SUMAN SAHA

AJAY Kumar Agrawal

Pawan Haryani

Subscribe Now

Sale of fixed assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

Accountant

GST CONSULTANT

Article Assistant