Advance tax on capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2014 advance tax on capital gain deposit as and when capital gain arises on sale of assets.whether 100% tax liability shall be deposit in coming installment.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 yes . You required to deposit 100 % tax liability before march 31 of that year.

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2014 sir
suppose, i have gained on capital assets on 10th september Rs 1 lacs Tax liability then while paying advance tax we have also deposit of liability of capital gain Rs 1 lacs. on 15th september.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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12 September 2014 No.

234C specifically says that 100 % tax on capital gain shall be paid within 31 march .
No interest u/s 234 C enviable if assesses failed to estimate his/ her capital gain

So

In your case pay 30 % i.e, Rs. 30000 on September 15 , Rs. 30000 on 15 December and remaining Rs. 40000 before 31 st marsh .

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