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Tcs on jwelary purchase

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 October 2012 I here that seller will deduct TCS on Jwelary purchase above two lacs . is it true or not ?
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CA Manish

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CA Manish (Expert)
23 October 2012 Yes, TCS @ 1% is applicable.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 October 2012 1% TCS as per section 206(1D) in case of -
i) bullion if the value exceeds Rs.2 Lakhs
ii)jewellery if the value exceeds Rs.5lakhs.
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