TMI BlogTCS @ 1% on Purchase of LUXURY CARSX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 remainin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 ₹ 2,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 23,00,000/- EXPLAIN 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in case of sale of motor vehicle is a person liable to maintain account and get audited under section 44AB. - TCS @ 1% on Purchase of LUXURY CARS - Query Started By: - Siva Nandu Segu Dated:- 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -6-2016 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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