Tcs on scrap sale

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mohit ahuja (Querist)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

mohit ahuja

mohit ahuja (Querist)
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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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