Vat on capital assets sold

KAILASH A. DANGADE (ACCOUNTS & FINANCE MANAGER)   (121 Points)

12 November 2011  

Dear All,

I am Having Propriety Firm which is purely Export Oriented (STPI Registered) till last Financial Year. Due to STPI Exemption Over I close down that Firm & In that Form I have Some Fixed Assets.

 

Aqua guard

5973.80

Fax Machine

2565.00

Paper Shedder

1846.60

Air Cinditionner

68756.00

Chairs

43441.00

Computers

4285.00

Office Furniture

673198.00

Office Premises

1557739.00

Grand Total

800065.40

 

I want to Transfer these all assets to my Limited Company where I am 97% stake Holder.

So how can I transfer these Assets to Limited Company?

  1. Make Journal Entry  in Proprietary Firm & same in Limited as Capital
  2. I need to make Invoice in Proprietary Firm to Company, pay the Invoice amount from Limited Company.

If case two is ok then whether need to liable for VAT Registration