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TCS 1 on Purchase of LUXURY CARS

Income Tax - Started By: - Siva Nandu Segu - Dated:- 13-6-2016 Last Replied Date:- 13-6-2016 - 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 ano .....

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