claiming set off

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 December 2009 My client is purchase the goods eg gold for his business itself but his bussiness is not related to gold can he get set off for the same.

Amol Suresh Sinkar

Amol Suresh Sinkar (Expert)
Follow

02 December 2009 Although your client is not engaged in the bussiness of Gold but if he used the Gold as a sales promotion or schemes for distribution to the customer & you have debited the expenses to the Profit & Loss A/c. you will entitle to claimed the set-off on the Vat paid on the Gold purchases.