SELL OF CAR

What an interpretation of act........

Buyer collects TCS u/s. 206C......... over purchase of car !!!

It would be pertinent here to quote the relevant provisions for better understanding

a) Section 206C(1F) provides that                                                                                    

Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent of the sale consideration as income-tax.