Urgent

You  have purchased furniture for office use purpose not trading purpose. so you are not able take input vat credit.

Vishal ji,

yes, you can claim vat input credit, subject to 4% reduction in credit.

e.g.

5% VAT is charged on purchase of furniture (capital asset). As per rule  4% REDUCTION will applicable and only 1% VAT input will be allowed. 4% reduction is to be shown in the books of accounts.

Members please rectify me if I'm wrong.

Please look at the local VAT rules on availing input credit on Fixed Asset Purchases. Generally, in TN 50% credit is available in the year of purchase and balance 50% can be availed in next year.