234 C
This query is : Resolved
18 August 2010
How to calculate 234c when there is short term capital gain on share long term capital on sale of property for an individual sale occured in 3rd quarter of advance tax slab
CA Sanat Pyne
(Expert)
18 August 2010
234cinterest will be calculated for capital gain in the said quarter in which the gain occured.
18 August 2010
*Payment of Advance Tax in case of Capital Gains/ casual Income:
In such cases it is not possible for the assessee to estimate his income in advance for payment of advance tax. Therefore it is provided that if any income arises in such cases after the due date of any installment, then advance tax on said income should be paid on / before the due date of next immediate installment or in case of no installment being due by the end of the Previous year, i.e., 31st March.
Hence interest u/s 234C will be calculated from the quarter in which income was earned.
In such cases it is not possible for the assessee to estimate his income in advance for payment of advance tax. Therefore it is provided that if any income arises in such cases after the due date of any installment, then advance tax on said income should be paid on / before the due date of next immediate installment or in case of no installment being due by the end of the Previous year, i.e., 31st March.
Hence interest u/s 234C will be calculated from the quarter in which income was earned.
18 August 2010
AGREED WITH EXPERTS.
IN CASE OF CAPTIAL GAIN / CASUAL INCOME LIKE LOTTERY INCOME , INTERST U/S 234C WILL BE CACULATED FORM THE QUARTER IN WHICH SUCH INCOME EARNED BY ASSESSEE.
IN CASE OF CAPTIAL GAIN / CASUAL INCOME LIKE LOTTERY INCOME , INTERST U/S 234C WILL BE CACULATED FORM THE QUARTER IN WHICH SUCH INCOME EARNED BY ASSESSEE.
18 August 2010
For short Term Capital gain On Share Whether we have To see Quarter Or not Or to Be treated as Normal Income N calculate 234 C
18 August 2010
As you can see from above reply. Even for STCG quarter will be considered.
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