I posted this info on another thread. But here is how customs duty is calculated:
a) Customs will accept your invoice price if it is from a well known reputed shop; else it will use its own valuation (from their so called blue-book).
b) If your valuation is accepted then the landed price of the TV is 1.1 times your invoice price. 10% is added as CIF. If they use their own value, then that value is the landed price.
c) For all countries other than China, Burma/Myanamar, Nepal, and Bhutan, when the stay abroad is more than 3 days (3 days of actual stay in the foreign country and not based on departure/arrival dates), you get a baggage duty exemption of 35,000 per person.
d) Baggage duty for the family is not clubbed.
- Now assuming that your TV cost equivalent of Rs. 42,000 abroad and this value is accepted then CIF value is Rs. 46200.
- After exemption, the customs assessible value is Rs. 11,200
- Basic Duty rate is 35% and 3% educate cess on basic duty; hence your basic duty Rs. 3,920 and edu. cess is Rs. 117.60
- so you will have to pay Rs. 4,037.60 as duty
HTH.