Sale of Fixed assets
This query is : Resolved
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
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
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.
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.
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