Vat input credit on sale of capital asset
This query is : Resolved
06 June 2013
Dear Experts,
I dont know whether any experts are viewing this section nowadays. All most all the questions here are unaswered for pretty long time. I request all experts to share their knowledge with the budding fellows. A Ltd. purchases a machinery for Rs.1000000 plus VAT 100000. On the year 1 he has utilised 50000 VAT input credit for his VAT liability. Now on the 2nd years the machinery is sold, what has to be done at this stage now.
Thanks & REgards,
RAjesh.
I dont know whether any experts are viewing this section nowadays. All most all the questions here are unaswered for pretty long time. I request all experts to share their knowledge with the budding fellows. A Ltd. purchases a machinery for Rs.1000000 plus VAT 100000. On the year 1 he has utilised 50000 VAT input credit for his VAT liability. Now on the 2nd years the machinery is sold, what has to be done at this stage now.
Thanks & REgards,
RAjesh.
MJ Krishnamurthy
(Expert)
07 June 2013
Yesterday, I have answered a query of same terms and language. As the capital asset is not fully utilised for production purpose, as soon as it is sold away, concerned LVO is to be informed. The reduced market value after using it for one year is to be estimated by a CA or an expert. On that value VAT liability is to be calculated and so much is to be reversed in the returns....mjk
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