Sale of Motor Car
This query is : Resolved
GOPAL KUMAR AGRAWAL
(Querist)
27 November 2009
Querry: Motor Car sold in buy scheme of new motor car whether local tax applicable on buy back value as decided by the company from whom new motor car purchased.
If car purchased from a registered dealer four five years back in the name of director or proprietor of the company and additions shown in Fixed assets of the Company and sold during the current year, whether local tax applicable on sale of old car?
If car purchased from a registered dealer four five years back in the name of director or proprietor of the company and additions shown in Fixed assets of the Company and sold during the current year, whether local tax applicable on sale of old car?
CA Tilak Raj Sharma
(Expert)
27 November 2009
local tax means sales tax will not applicable on the sale of old motor car.
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