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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.
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