Tcs on scrap sale
This query is : Resolved
29 March 2012
a group housing company purchased a land and demolished the already constructed building and sold the scrap material, whether the TCS is applicable on such scrap sale of building material?
29 March 2012
As per Section 206C, “scrap” means waste and scrap from the manufacture or mechanical working of materials which is definitely not usable as such because of breakage, cutting up, wear and other reasons.
Scrap arising on demolishing a building is NOT covered in the definition of scrap and accordingly TCS is NOT required to be collected on sale of such scrap.
Scrap arising on demolishing a building is NOT covered in the definition of scrap and accordingly TCS is NOT required to be collected on sale of such scrap.
29 March 2012
Sir, Is this is same in case of construction company demolishing an old building , selling the scrap and further constructing the flats on it?
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