advance tax on capital gain

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john (Querist)

28 December 2009 Mr. x is employed in a MNC and tax is deducted at source from his salary income, apart form that if he has a capital gain of Rs. 300000, through sale of property, than is he liable to pay advance tax against that capital gain also.
if yes is the Adv. tax payment procedure is same as income tax.
plz explain thank you in advance

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)

28 December 2009 Yes. If he has realised Capital gains then he is liable for income tax to be paid in advance as per the income tax provisions.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

29 December 2009 agree, you have to pay the tax if you missed to pay IT advance tax then as per sec.234B,C applies penalty of interest.

Rahul Vora

Rahul Vora (Expert)

29 December 2009 Advance Tax is applicable. Payment Procedure same.

john

john (Querist)

30 December 2009 OK THANKS ALL
but/if Mr.x sales the flat on 15 Jan 2010 with a capital gain of Rs. 3lakhs
in such a situation what would be his advance tax procedure? (only 2 mnths remains to end this financial year)
[as per income tax, adv tax period
15sep, 15dec, 15mar, if taxliability exceeds Rs. 5000 it starts.]

KRISHNA KUMAR R C

KRISHNA KUMAR R C (Expert)

31 December 2009 the assesseee has to pay the 100% of his capital gains tax as advance tax before 15th march. He is not liable for advance taxes of Sep 15 and Dec 15.

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