Capital asset input tax

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NOOHUNNAJEEULLA KHAN Harihar

79 Points Joined March 2017

we have bought one car, specifically for business purpose in the name of proprietor, and shown in balancesheet as capital asset. now my query is that can we claim the input tax of the bought car full in the same month or it is to be spread to the 5 years.

Replies (2)

NOOHUNNAJEEULLA KHAN Harihar

79 Points Joined March 2017

Thanks for the information vishesh sir

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Joined February 2019

For claiming input tax credit, one must occupy a tax invoice or a debit note ... the same are deployed for rent as per the Section 17(5)(d) of CGST Act, 2017.