TCS @ 1% on Purchase of LUXURY CARS

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..... TCS @ 1% on Purchase of LUXURY CARS
Query (Issue) Started By: - Siva Nandu Segu Dated:- 13-6-2016 Last Reply Date:- 13-6-2016 Income Tax
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Income Tax
I had a Luxury car say BENZ .....

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..... 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 tra .....

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..... nsfer 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/- an .....

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..... d 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/- EXP .....

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..... LAIN ME IN DETAIL::::::: Thanks & Regards Segu.Siva Nandu ( $!\/@ ) Mail Id :- eezee.2mail@gmail.com Reply By Ganeshan Kalyani: The Reply: The person liable to deduct TCS in case of sale of motor .....

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..... vehicle is a person liable to maintain account and get audited under section 44AB.
Discussion Forum - Knowledge Sharing .....

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