Collection of tcs on jewellery / bullion

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Shirish Shah (Querist)
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08 May 2016 hello sir,

I would like to know that as per budget 2016, section 206C is it necessary to collect tcs of 1 % on sale of jewellery, above two lakhs but below five lakhs in cash.

and also guide that if the customer gives old gold or bullion as consideration for new jewellery above two lakhs but below five lakhs, is it necessary to collect tcs of 1 %.

kindly reply

regards Girish Shah
pls

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 May 2016 1 As per budget 2016 it is necessary to collect TCS 1% on sale of jewellery above 2 lacs in cash.
2 TCS not applicable in case of exchange of old jewellery.

Rupesh Jain

Rupesh Jain (Expert)
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12 May 2016 tcs will deducted on cash purchase and tcs not applicable on sale of old jewellery.

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