Transcranial cortical magnetic stimulation (CMS) is a noninvasive, non-noxious procedure to induce perceptual attenuation when applied concomitant to sensory stimuli. To investigate the perceptual timing of simple stimulus features in the somatosensory modality, we applied right hemisphere CMS at different intervals following a stimulus delivered to the left hand. Different intervals between peripheral stimuli and CMS were defined according to the components of the somatosensory-evoked potentials (SEP), previously obtained in response to the same stimulus. Perceptual attenuation was maximal when CMS coincided with the primary cortical response (parietal N20 potential); conversely, perception of stimulus intensity was not modified when CMS was concomitant with the N200 and P300 potentials. Using small CMS intensities, a “perceptual dip” was observed when CMS arrived in coincidence with the N120 potential, a SEP response thought to be originated in part in the second somatic area. Our results support the view that both N200 and P300 are post-perceptual responses. The results also suggest that the cortical processes active during the N20 and N120 potentials may be essential for the conscious perception of somatosensory stimuli delivered to the hand.