Advance Tax Liability & Interest

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This query is : Resolved

SATYENDRA KR. GUPTA (Querist)

21 December 2009 Dear Friends,

Estimated total income ( Excluding long Term Capital gain on sale of House property) of the salary employee during the F.Y.2009-10 is Rs.1,60,000/-.
In the month of Nov,2009 sale a self accupied house property of Rs. 15,00,000/-.
Suppose Index cost of aquisition is Rs.7,50,000/-.And assessee deposit the amt of Rs.15,00,000/-in the month of april,2010 in capital gain a/c & purchase a new house property in the m/o Aug,2010.
In reference to the above problem can any Tax Liability,advance tax & Intt.u/s 234 is arise?.please hepl me.

Thanks with regards with jai ho.

S.K.Gupta

Barun Kumar Ghosh

Barun Kumar Ghosh (Expert)

22 December 2009 The liability to pay advance tax on capital gain arises if the capital gain is taxable. Since the condition of section 54 is satisfied, the capital gain is exempted from tax. Hence there is no requirement to pay advance tax on capital gain in the instant case.

SATYENDRA KR. GUPTA

SATYENDRA KR. GUPTA (Querist)

12 March 2010 Thanks Barun

Cheers
S.K.Gupta

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