Selling website
This query is : Open
18 August 2009
hi sir,
One of my friends wanted to sell his website. He has got a customer and is ready to pay. But he doesn't know about legal and income tax rules regarding selling his site to a foreigner for a price around five lakhs.He asked a few questions which i have listed below.
please answer :
* Does he need to generate Invoice.
* If Yes, does he need to mention Import-Export CODE (IEC) on the invoice.
* Does he get benefit of D.E.P.B.
* If yes, what are process.
* Is selling website, called selling asset or selling product. ?
* Is income, regular income or capital gain. If it is capital gain, then anyway to get exempted by investing.
* Any requirement of Service Tax or Sales Tax (VAT) ?
* And what about payment ? What should be the medium?
please answer complete formalities.
thanks
One of my friends wanted to sell his website. He has got a customer and is ready to pay. But he doesn't know about legal and income tax rules regarding selling his site to a foreigner for a price around five lakhs.He asked a few questions which i have listed below.
please answer :
* Does he need to generate Invoice.
* If Yes, does he need to mention Import-Export CODE (IEC) on the invoice.
* Does he get benefit of D.E.P.B.
* If yes, what are process.
* Is selling website, called selling asset or selling product. ?
* Is income, regular income or capital gain. If it is capital gain, then anyway to get exempted by investing.
* Any requirement of Service Tax or Sales Tax (VAT) ?
* And what about payment ? What should be the medium?
please answer complete formalities.
thanks
18 August 2009
Yes, He need to generate full Invoice
No need to maintain IEC account
I dont know
do
If its your busi product and else asset
I think Custom duty will play here
Route through banks
for more guide please contact GOOGLE
Please also cross check my answer as it may wrong in few cases.
No need to maintain IEC account
I dont know
do
If its your busi product and else asset
I think Custom duty will play here
Route through banks
for more guide please contact GOOGLE
Please also cross check my answer as it may wrong in few cases.
18 August 2009
please provide further details.
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