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Up vate on sale of old machine

SACHIN garg (ca ) (181 Points)

30 September 2011  

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

 1 Replies

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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