TDS on Sales of Used Gold Ornaments to jewelry Shop

This query is : Resolved

SUDHEEP M (Querist)
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14 February 2022 Sir,

I am a normal customer and sold my old used ornaments to a jewelry shop for cash of Rs. 150000. Whether any TDS provision was applicable in respect of the said transactions from the view point of the jewelry shop. If yes under which section TDS to be deducted. Please clarify...

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 February 2022 Jewellery shop owner should deduct 1% TCS on Bullion that exceeds over Rs. 2 lakhs & Jewellery that exceeds over Rs. 5 lakhs; but not for value 1.50L.