Vat liability on transfer of fixed assets
This query is : Resolved
ankur vajpayee
(Querist)
29 July 2012
Brief facts are given as under:-
A Ltd.& B Ltd. are separate companies registered under Co. Act but are under the control of same mgt Company (a foreign 100% holding Co. of both the subsidairies- A Ltd. & B Ltd)
Now A Ltd. has transferred certain tangible fixed assets to B Ltd at consideration equivalent to net block value as appearing in the books of A Ltd.
Both the companies are STPI units.
Is the transaction of sale is liable to VAT on transfer of fixed assets?
A Ltd.& B Ltd. are separate companies registered under Co. Act but are under the control of same mgt Company (a foreign 100% holding Co. of both the subsidairies- A Ltd. & B Ltd)
Now A Ltd. has transferred certain tangible fixed assets to B Ltd at consideration equivalent to net block value as appearing in the books of A Ltd.
Both the companies are STPI units.
Is the transaction of sale is liable to VAT on transfer of fixed assets?
ankur vajpayee
(Querist)
29 July 2012
Will the STPI status of both the Indian companies allows VAT exemption on sale of fixed assets? Pls can anyone suggest.
Dhirajlal Rambhia
(Expert)
29 July 2023
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