Hello Friends.
I found really interesting n Important Tax planning case for Capital gain advance tax and Interest u/s 234.
My Principal asked me to Calculate Advance Tax payment details of one Individual.
Facts are:
1.Plot of Land not agricultural sold:Rs 10000000/-On 5 June 12
Plot of Land Purchased: Rs.1399711/- On 17 Oct. 07
I calculated LTCG by taking 2011-12 (assuming for near about) n Got LTCG rs. 8008586/-.
2. Plot of Land sold: Rs 5000000/- On 8 May 12
Plot of Land Purchased: Rs.194400/- On 11 jan. 2008
I calculated LTCG by taking 2011-12 (assuming for near about) n Got LTCG rs. 4723042/-.
Total LTCG is 12728900 and tax on that is 2580950
My Q is what is CII for 2012-13?
And How much advance tax installments and when client should pay to avoid Interest penalty U/S 234.
and how interest be there as on 31/3/13 if advance tax not paid?
Please suggest me n let discuss on Tax planning. Thanks in advance