Vat on sales of fixed assets
This query is : Resolved
CA KISHOR GEHLOT
(Querist)
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
Prakash Kochar
(Expert)
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.
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