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Tax implication on Sale of Machinery

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(Querist)
03 January 2008 A Partnership Construction Firm transfers their Concride Mixer Machine to their Partner at the time of Desolution.
What will be the VAT Liability of Firm on Sale of Machinery ?
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M.JANAK RAO

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M.JANAK RAO (Expert)
03 January 2008 1. @12.5% VAT on Concride Mixer Machine, if Item will be sale and showing to Partner Personal Balance sheet,

2. If it will be showing Firm Balance Sheet ( Vat Liabilty is NIL)

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