234c

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Ananta prasad tripathy (Querist)
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31 March 2010 I am a builder.I started my business of selling plots on 5-06-2008.However my 1st plot was sold on 22-02-09.from this date till the year end i sold many plots.on 15-06-2008,15-9-2008,15-12-2008 i did not paid any advance tax as it was difficult to estimate an income which will come after 9 months.i paid advance tax on 29-03-2009.i want to know whether i will be liable for interest under section 234c for deferment of advance tax on 15-06-08,15-09-08 and 15-12-08.I am a company.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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01 April 2010 its depends to your treatment if you treat plot as Stock then income is PGBP then 234C applicable.

but if as capital gain then 234c apply for last quarter i.e. 15/3/09 because of gain arise as on 22.2.09

Deepak Goel

Deepak Goel (Expert)
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01 April 2010 Interest u/s 234C is applicable in your case becuase you a builder and you are doing business of selling and purchase.

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