TCS @ 1% on Purchase of LUXURY CARS, Income Tax

[Siva Nandu Segu]

I had a Luxury car say BENZ or Range ROVER .Now I want to sell my car as second hand to Mr."X" for ₹ 23,00,000/-

Mr.X gave ₹ 4.5 lakh as CASH ; ₹ 6.5 lakh as CHEQUE and the remaining made online transfer to my Bank Account.

Whether I am liable to collect from Mr."X".

If your answer is YES ,then,whether i have to collect 1% TCS as his Cash payment is in excess of ₹ 2,00,000/- and another 1% TCS as he purchased a new luxury car for an amount exceeding ₹ 10,00,000/-.In total I have to collect 2% TCS from him.

OR

1% TCS is on Aggregate value of ₹ 23,00,000/-

EXPLAIN ME IN DETAIL:::::::

Thanks & Regards

Segu.Siva Nandu ( $!\/@ )

Mail Id :- [email protected]

Posts / Replies

[Ganeshan Kalyani]

The person liable to deduct TCS in case of sale of motor vehicle is a person liable to maintain account and get audited under section 44AB.