advance tax on capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 Please let me knoe whether advance tax is to be paid 100 % on the capital gain on sale of land/ plots???in capital gain 30% , 60% provison of advance tax not applicable??please reply fast...its urgent....

CA Sanat Pyne

CA Sanat Pyne (Expert)

15 September 2010 for capital gain you have to pay the advance tax in the said quarter in which capital gain arise.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 suppose capital gain tax of Rs. 5.00 Lacs arise in august 2010 to the firm for the sale of plots, then whether on 15.09.10 i have to pay 100% advance tax of these 5 Lacs or 30% of 5.00 Lacs???

CA Sanat Pyne

CA Sanat Pyne (Expert)

15 September 2010 IF IT IS SHORT TERM THEN 30%
LONG TERM 20%

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 thanks for your reply....but what m asking is on 15.09 we have to pay 30% advance tax. One of my frnd told that on capital gain 100% advance tax is to be paid....so i jst want to confirm that on capital gain whether we have to pay 100% advance tax instead of 30%???

CA Sanat Pyne

CA Sanat Pyne (Expert)

15 September 2010 yes you have to pay 100% tax during that quarter.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 Please provide the circular for the same...

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