Hi
I am vacating a leased house and I am selling my used ACs to my owner. The ACs were purchased by me two years back and have the original bills in my name. The requisite VAT has also been paid by me.
Now I am selling the ACs to my owner at a fair depreciated value.
What legal contract should we enter into? Is there going to any tax liability on either of us for this sale?
Please help
Best regards
Chintan
