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The Central Board of Direct Taxes has notified luxury goods for which buyers will now have to pay 1% tax collected at source when the value of goods purchased is over INR 1 million. The list includes wristwatches, sunglasses, handbags and purses, shoes, art pieces like antiques, paintings, sculptures, collectables like coins, stamps, travel goods like yachts, rowing boats, canoes, and helicopters. The list also includes sportswear and equipment such as golf kit and ski wear, any home theatre system, and the purchase of horses for horse racing and polo.
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