Finology
Finology

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vat on sales of fixed assets

This query is : Resolved 

25 October 2012 A registered dealer in Mumbai sale their car (fixed asstes) on Rs. 250000.00. I want to know whether VAT is applicable or he have to pay any tax on this sale. If yes, then what is the amount and section as per Act. Kindly do the needful.


26 October 2012 No tax is applicable

27 October 2012 All sales effected by regd. dealer is liable for tax at schedule rate. Car is asset used in business, expenses and depreciation on which is claimed as business expenses. The sale value of car will be liable to tax though no set off was available on purchases because of restriction u/r. 54.



You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries


loading


Unanswered Queries


Follow taxation Exam20 Book Book Book caclubindia books


Answer Query