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TCS on car sale


jasmeet singh   17 October 2020

jasmeet singh

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respected professionals
please tell me that in case a insurance company give new car to the insured person. Is the seller is liable to deduct the tds of insurance company if amount exceed 10 Lakhs.

avater

Amit Khare   17 October 2020

Amit Khare

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Dealer is reqd to collect TCS from the person who has been billed by him

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jasmeet singh   17 October 2020

jasmeet singh

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But sir in case insurance company is public sector insurance company.

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Amit Khare   17 October 2020

Amit Khare

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In my opinion there is no exemption

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ayusmita (Tax consultant)     17 October 2020

ayusmita
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You can elaborate more

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jasmeet singh   18 October 2020

jasmeet singh

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Insured person received a new car as a insurance compensation ,from insurance company, my question is that I insurance company received car from car dealer,and give it to insured person, is there any TCS for the purchase of car exceed 10 Lakhs by insurance company
if the insurance company is public sector company

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ayusmita (Tax consultant)     18 October 2020

ayusmita
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When an individual sell a car for above 10 lakh then there's will no tax to collect any
TCS, however if a commercial player sell a vechile for above 10 lakh then he will have to collect one percent TCS

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jasmeet singh   18 October 2020

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But in case of insurance company received from car dealer it is exempt.

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ayusmita (Tax consultant)     18 October 2020

ayusmita
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And why it will be expemted you think

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jasmeet singh   18 October 2020

jasmeet singh

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Definition of buyer includes a public sector company


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