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TCS On Exchange of Motor Vehicle

Sir, We have given our depreciable motor vehicle in exchange of a new motor vehichle purchased . The price they have decided for old vehicle is Rs 17.50 Lacs. which is reduced from the cost of new car. Do we have to deduct TCS on the price of Rs 17.50 Lacs as we have not received any consideration for it.

Bajaj Finserv

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