Sale of Motor Car owned by Company
This query is : Resolved
Hemanth Kumar
(Querist)
28 April 2009
Dear Sir
Kindly let me know whether the company should charge VAT on sale of Motor car owned by it? If yes at what rate under which clause.
The company is not involved in the business of selling of car it is in real estate business.
The sale is happening in Karnataka and also between the group companies
Regards
Hemanth
Kindly let me know whether the company should charge VAT on sale of Motor car owned by it? If yes at what rate under which clause.
The company is not involved in the business of selling of car it is in real estate business.
The sale is happening in Karnataka and also between the group companies
Regards
Hemanth
28 April 2009
If company is in to the business of selling motor cars than VAT arise.
However, if it is showing motor car as fixed assets and claiming depreciation on the same than no issue of VAT.
However, if it is showing motor car as fixed assets and claiming depreciation on the same than no issue of VAT.
taxindiaconnect
(Expert)
28 April 2009
I differ on this and of the view that the seccond had car attracts the VAT in some states, however in some states there is exemption from VAT. Please let us know the state in which the transaction is being entered into.
Dhirajlal Rambhia
(Expert)
22 July 2023
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