TCS @ 1% on Purchase of LUXURY CARS

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....CS @ 1% on Purchase of LUXURY CARS<br> Query (Issue) Started By: - Siva Nandu Segu Dated:- 13-6-2016 Last Reply Date:- 13-6-2016 Income Tax<br>Got 1 Reply<br>Income Tax<br>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.&quot;X&quot; for &#8377; 23,00,000/- Mr.X gave &#8377; 4.5 lakh as CASH ; &#8377; 6.5 lakh as CHEQUE and the remaining made online tran....

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....sfer to my Bank Account. Whether I am liable to collect from Mr.&quot;X&quot;. If your answer is YES ,then,whether i have to collect 1% TCS as his Cash payment is in excess of &#8377; 2,00,000/- and....

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.... another 1% TCS as he purchased a new luxury car for an amount exceeding &#8377; 10,00,000/-.In total I have to collect 2% TCS from him. OR 1% TCS is on Aggregate value of &#8377; 23,00,000/- EXPL....

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....AIN ME IN DETAIL::::::: Thanks & Regards Segu.Siva Nandu ( $!\/@ ) Mail Id :- [email protected] 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.<br> Discussion Forum - Knowledge Sharing ....