advance tax on capital gain
This query is : Resolved
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
if yes is the Adv. tax payment procedure is same as income tax.
plz explain thank you in advance
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.
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.
29 December 2009
Advance Tax is applicable. Payment Procedure same.
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.]
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.]
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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