Applicability of section 234c
This query is : Resolved
04 July 2013
Mr.X has received huge amount on sale of an immovable parental asset on 22.03.2013, in this transaction he has earned Capital Gains in terms of several crores. The tax liability arising from such gains was deposited to Govt A/C before 31.03.2013.
Though the total tax liability of Mr.X was deposited before 31.03.2013 but the amount of tax deposited till 15th March was not sufficient due to the capital gain which arise on 22.03.2013
In this situation I want to know whether interest u/s 234c will be applicable or not.
Though the total tax liability of Mr.X was deposited before 31.03.2013 but the amount of tax deposited till 15th March was not sufficient due to the capital gain which arise on 22.03.2013
In this situation I want to know whether interest u/s 234c will be applicable or not.
04 July 2013
Since you have sold the property on 22.03.2013 and paid on 31.03.2013 you are not liable to pay interest u/s 234C
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