Sales/discard of fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 October 2013
If I wish to sales the fixed assets which was exciseible whenever purchases in earlier years.
Purchases Price Rs. 100000/- ( Inc cst & Exc. Excise)
Intrest & Project development Exp. Rs. 10000/-
Total Price for Assets Creation Rs. 110000/- in assets register.
If after 3 years we are planning to sale out then My question is at which price we should charge the excise to sales out:-
Option = Either on WDV. shown in assets register.
option II- or WDV. Calculate bases on Purchases Price i.e. before adding int & PDC Ch.
Pls guide
Purchases Price Rs. 100000/- ( Inc cst & Exc. Excise)
Intrest & Project development Exp. Rs. 10000/-
Total Price for Assets Creation Rs. 110000/- in assets register.
If after 3 years we are planning to sale out then My question is at which price we should charge the excise to sales out:-
Option = Either on WDV. shown in assets register.
option II- or WDV. Calculate bases on Purchases Price i.e. before adding int & PDC Ch.
Pls guide
CA Parul Saxena
(Expert)
15 October 2013
Excise duty can not be charged on sale of fixed assets as you did not manufacture fixed asset and excise duty is applicable on manufacture only.
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