Afzal Momin (CA FINAL) (177 Points)
19 September 2011
plz let me know the following queries:-
1.If a partner has taken assets of the firm will those assets will be allowed depreciation for the year in which transfer has been effected...
2.And Will Vat provisions will be attracted on transfer of assets to the partners............
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 19 September 2011
NO bar to that as long as total depreciation claimed by firm and partner does not exceed the depreciation allowable on the wdv as on 1st April of the year at applicable rates.
VAT cannot be attracted on transfer to partner. There were quite a few decisions under previosn general sales tax acts that no tax can be levied on transfer of asset or goods from form to partner
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