This is my experience:
I had carried 32" LCD TV in Seshadri Express from blr. I need to take to my hometown which is EE. I had a ticket in 2A from KJM to TPTY and took tatkal ticket from TPTY to BZA in 2A, luckily for both tickets I got Lower Berth. In KJM I went to Station Master, he directed me to go to some other room where they book luggage. Paid Luggage charges and had asked them to give luggage receipt till EE, but they refused saying that they can give luggage receipt only till the point I have the ticket. So they gave till BZA. In train TTE asked me what is it. ...
more... I told that it is LCD TV, he asked for luggage receipt. As soon as I got in BZA, I went outside to take ticket to EE for Early Morning Passenger train(which goes till RJY) the TC at the exit asked me to show luggage receipt and did not bother about the travel ticket. After seeing luggage receipt he allowed me to go outside. After purchasing new ticket I went and took luggage receipt from BZA to EE. While entering the same TC asked whether I took luggage receipt or not, I had showed him that then he allowed me to go inside. I had carried it with my hands.