I AM A INDIVIDUAL AND MY WIFE IS WILLING TO SELL HER JEWELRY FOR 25 LAC RUPEES. THE THRESHOLD LIMIT TO REGISTER IN VAT IS RUPEES 20 LAC. NOW IF MY WIFE SELLS JEWELRY IS SHE REQUIRED TO CHARGE VAT ?????
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Implication of vat
Replies (3)
No as its not your business assets & not covered under VAT.
Same is taxable under income tax under capital gain head.
Same is taxable under income tax under capital gain head.
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