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Tcs

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(Querist)
17 June 2018 AN ASSESSEE HAS BOUGHT A CAR WORTH RS 13 LAKH AND HAS PAID TCS ON THE SAME AT 1 PERCENT. THENAFTER HE GIFTED THIS CAR TO HIS SISTER. WHAT SHALL BE THE TAX TREATMENT OF THIS AND WHERE IS IT TO BE SHOWN IN ASSESSEES ITR?
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
17 June 2018 Once car buy dealer deduct TDS person who buys car, Subsequent transfer not affect tds already deducted.
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Dibin Divyakumar

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Dibin Divyakumar (Expert)
18 June 2018 In ITR you can take the credit of TCS, no other disclosures require for gifting of car to sister.
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