VAT TAX
This query is : Resolved
RAMACHANDRAN
(Querist)
01 July 2011
I have purchased a motor car for my personal use. i have also entered into an hire purchase agreement with a financier.
I understand that the VAT paid towards the purchase of motor car can be set off/claimed in the individual return of income.
clarify how it has to be treated.
I understand that the VAT paid towards the purchase of motor car can be set off/claimed in the individual return of income.
clarify how it has to be treated.
chetan soni
(Expert)
01 July 2011
My understanding........
As VAT paid on purchases of self use assets can not be claimed in the VAT setoff. As this is personal assets & user is end user of the assets.
Even is this is business assets you can not claim VAT paid as input vat against output vat.
So you can not claim the VAT paid.
As VAT paid on purchases of self use assets can not be claimed in the VAT setoff. As this is personal assets & user is end user of the assets.
Even is this is business assets you can not claim VAT paid as input vat against output vat.
So you can not claim the VAT paid.
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