Sale of Motor Car

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2011 Sir,

We are the Registered Trader. We have purchased a Motor Car on 2009, but we have not taken the input of VAT on the said amount since the matter is not related to our business. Now we have planned to dispose off the said Motor Car. Does we have to pay the Tax on Said sale of Motor Car.

CS Bijoy

CS Bijoy (Expert)
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09 June 2011 According to me you have to pay the stamp duty on sale agreement and in case of any capital gain arise than you have to pay tax on capital gain.