I have an incidence of Long Term Capital gains from the sale of shares of unlisted company of 10 lakhs on 30-11-2007. I have decided to invest in house property for RS. 6 to 8 lakhs and other 2 lakhs I want to pay tax. The tax rate I am told for unlisted company shares is 22.66%.
1) When do I have to open the Longterm Capital gains saving account with Nationalised bank? Can I wait till the end of the Financial year? I am looking for a house so I am not sure what amount I need to put in the capital gains saver acount.
2) Do I have to pay advance tax immediately or can I wait till 31st march of 08 to pay the tax. I don't want to pay any interest.
11 January 2008
us 54f long term capital gain tax is 20%+sc+ed cess+she cess, if you are invested the whole sum(not capital gain) no tax is to be paid the investment is to be maid with in time allowed.you can a open a a/c in any nationalised bank as a long term capital gain a/c if you invested less amount in house property the proportnate deduction is allowed you will invest the ltc gain with in six month from the dete of dealing
CAclubindia
