Vat on sales of fixed assets

This query is : Resolved

CA KISHOR GEHLOT (Querist)
Follow

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.

Sushil Kumar Shaokand

Sushil Kumar Shaokand (Expert)
Follow

26 October 2012 No tax is applicable

Prakash Kochar

Prakash Kochar (Expert)
Follow

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

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Sunder Sadani

Ravikumar

Konijarala prasad

CA K GIRIDHAR

Titus

Subscribe Now

Vat on sales of fixed assets

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

Senior Executive

GST CONSULTANT

Accountant

CA Final

GST CONSULTANCY