Vat on fixed asset - car
This query is : Resolved
22 December 2014
Dear All
My client has exchanged his old car for Rs.300,000 and purchased new car for Rs.725,000.
Whether he is required to pay tax on sale of car (exchange) under MVAT Act?
Thank you,
My client has exchanged his old car for Rs.300,000 and purchased new car for Rs.725,000.
Whether he is required to pay tax on sale of car (exchange) under MVAT Act?
Thank you,
23 December 2014
In case of registered dealer the said assessee is liable for paying vat on sales. Sales includes goods in trade and any other item sold by dealer.
29 December 2014
He is dealer of taxfree goods cloth and the said car is exchanged.
31 December 2014
Whether your dealer is registered under MVAT or not?
31 December 2014
Yes he is.
Ok I understand
Tahnks
Ok I understand
Tahnks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
