what will be the rate of vat in uttar pradesh if an old machine whose written down value is nil in the books of company is sold ? 4% or 13.5% please mention the entry no in the rate schedule in which it falls
SACHIN garg (ca ) (181 Points)
30 September 2011what will be the rate of vat in uttar pradesh if an old machine whose written down value is nil in the books of company is sold ? 4% or 13.5% please mention the entry no in the rate schedule in which it falls
CS Bijoy
(Expert)
(6394 Points)
Replied 10 October 2011
If sale as trade than VAT can be charged otherwise capital gain tax will raise because it is a Capital asset.
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