Menu
Selling business asset after converting it into personal ast
Hi all..
I wanted to discuss following siituation:-
I am having a car used for the purpose of family business and accordingly depriciation is charged. If i sell the car now then the sale will attract VAT @ 12.5 %. I wanted to know whether I can avoid VAT if i sell the car after converting it into personal asset. If yes then how can i convert it?
Replies (1)
If it is a proprietorship business than the proprietor can transfer the Car at WDV to himself by just passing an entry & no vat need to be charged on transfer as proprietorship don't have separate existence than its proprietor & then the proprietor can easily transfer the asset i.e. Car.
Recent Threads
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
- Which ITR Opt
- Employer Details for NRI
- Section 194C or 194J apply in survey fee to determ
- Accidental Switch to New Regime using Form 10-IEA
- Should I file Revised Return U/S 139 (5)?
Related Threads
CAclubindia
