TCS @ 1% on Purchase of LUXURY CARS

[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]

AI Summary

TCS Applicable on Luxury Car Purchase Over 10,00,000 with Mixed Payment; Section 44AB Audit Requirement Clarified. A user inquired about the applicability of Tax Collected at Source (TCS) on the sale of a luxury car priced at 23,00,000 to another individual, with a mixed payment method involving cash, cheque, and online transfer. The user questioned whether 1% TCS should be collected on the entire amount or if an additional 1% is required due to the cash payment exceeding 2,00,000 and the total purchase exceeding 10,00,000. The response clarified that TCS is applicable for sellers required to maintain accounts and undergo audits under section 44AB.