Sale of Fixed assets

This query is : Resolved

titu (Querist)
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02 February 2009 1. sale of motor car in a patnership firm to company .

2. whether cost will be original cost -deprecition as per company act 1956 or dep . as per income tax for the year 2008-09 also .

3. any income tax liability involved.

4. any sales tax liability /vat is involved

Jitender

Jitender (Expert)
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02 February 2009 2) sale consideration will be the cost for the co.
3) the sale consideration will be deducted from block of assets & then if sale price is more than block of assets then capital gain tax will be payable.
4) vat is payable.