Tcs in case of sale of motor vehicle value rs. 10 lakh above
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2016
In case motor vehicle sold of value Rs. 11 Lakhs and amount of Rs. 20,000 received in cash. So under which section (i.e. under sub section 1 or sub section 1D of section 206C) TCS to be collected?
Or whether liability to collect TCS arises under both sections?
Or whether liability to collect TCS arises under both sections?
CA R SEETHARAMAN
(Expert)
31 May 2016
The liability to collect TCS arises under one section i.e. on sale of motor vehicle more than 10 lacs.
Rupesh Jain
(Expert)
31 May 2016
TCS applicable on motor car purchase more than Rs. 10 lacs.
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