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Sale of Old furniture

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(Querist)
05 July 2010 A company is planning to sell its old furniture which was as fixed assets in its books. Whether TN VAT is applicable on it.? and if yes what is the VAT rate?
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Bharath Kumar

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Bharath Kumar (Expert)
05 July 2010 Not applicable. Sale in normal cource of business is only taxable under VAT
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
05 July 2010 vat is not applicable because it is not company's business
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
05 July 2010 vat is not applicabe on sale of fixed assets.
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