Selling business asset after converting it into personal ast

Abhay (student) (29 Points)

20 May 2013  
Hi all.. I wanted to discuss following siituation:- I am having a car used for the purpose of family business and accordingly depriciation is charged. If i sell the car now then the sale will attract VAT @ 12.5 %. I wanted to know whether I can avoid VAT if i sell the car after converting it into personal asset. If yes then how can i convert it?