Advance tax provisions vis a vis capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 My (age 67 years) only source of Income is Capital Gain and tax thereon in the relevant Asst.Year. I have NOT PAID any self asst.tax or advance tax upto date of filing return of income.
Is the Advance tax provisions applicable to me since my source of income is only Capital Gain.

Is there any benefits to senior citizens, where i am a Resident. What is the provisions applicable to a NRI under such situations?

Could the issue be clarified giving the income tax law requirements

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 March 2014 no advance tax is not applicable to our case as long as age is above 60, you have no business income and your residential status is "Resident"

In case of non-resident, this condition doesnt apply

refer section 207

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Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Thank you sir. You said that the provisions doesnot apply to NRI assessees. Then, is it that the assessee ,if he is an NRI, will be attracted to advance tax provisions and liable for interest under 234A,B and C.

Nikhil Kaushik

Nikhil Kaushik (Expert)

14 March 2014 yes..he should be liable for advance tax.

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