Advance tax payable by my 81 year old relative
This query is : Resolved
26 September 2012
My relative, who is 81 years old, sold a plot of land on 25th July, 2012.The land was purchased by her prior to 1/4/81 and she has earned long term capital gains, after indexation, of about Rs.60 lakhs. What is the advance tax payable by her by 15th september, 15th december and 15th march 2012? I have heard that senior citizens do not have to pay advance tax with effect from 1/4/2012. Is this true? If true, can you please inform me the relevant Income Tax notification number and date?
11 October 2012
yes, No need of paying advance tax by senior citizen if there is no business income (Sec 207(2))
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