Tcs
This query is : Resolved
Nanu Gupta
(Querist)
17 June 2018
AN ASSESSEE HAS BOUGHT A CAR WORTH RS 13 LAKH AND HAS PAID TCS ON THE SAME AT 1 PERCENT. THENAFTER HE GIFTED THIS CAR TO HIS SISTER. WHAT SHALL BE THE TAX TREATMENT OF THIS AND WHERE IS IT TO BE SHOWN IN ASSESSEES ITR?
KAVIRAJA ADDANGADI
(Expert)
17 June 2018
Once car buy dealer deduct TDS person who buys car, Subsequent transfer not affect tds already deducted.
Dibin Divyakumar
(Expert)
18 June 2018
In ITR you can take the credit of TCS, no other disclosures require for gifting of car to sister.
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