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Tds on sale of gold

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(Querist)
31 March 2013 i have been given a case..where there are 3 senior citizens who sold gold of 7lacs each..could u tell are they liable to deduct tds?? if yes when nd what amount??
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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
02 April 2013 They are not subject to deduction of TDS as there is no such provision for deduction of TDS on Capital Gain except in some international transactions.

However, as per the Category C of Section 206C, Seller need to Deduct TCS @ 1% needs to be collected and deposited with Govt. if
(a)Sale consideration of Jewellery exceeds Rs. 5 Lakhs and,
(b) Out of Sale Consideration any amount is received in cash.
This TCS Collection is applicable for any transactions on or after 01.07.2012
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