Rupa Agarwal (Service) (137 Points)
25 March 2014Dear friends,
I have an urgent query.
What is the tax implication under Karnataka VAT on one time sale transaction by an individual for sale of depreciable assets (owned since 2010-11) at Rs 700000/-? to a private limited company.
Eagerly waiting for your inputs.
Thanks & Regards,
Rupa.
Akshay Garg
(Indirect tax trainee)
(457 Points)
Replied 28 March 2014
Dear Rupa
The charging section of the KVAT act levies tax on every shall be levied on every sale of goods in the State by a registered dealer or a dealer liable to be registered, in accordance with the provisions of this Act.
dealer liable to be registered means the person whose turnovew=r has exceeded five lac rupees.
You would have to get registration and pay VAT on the sale of assest as per the rate specified in the schedules of the KVAT Act.
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