Capital Gain

Save Share

This query is : Resolved

Satyajit Roy Chowdhury (Querist)

10 January 2008 Dear Sir

I have an incidence of Long Term Capital gains from the sale of shares of unlisted company of 10 lakhs on 30-11-2007. I have decided to invest in house property for RS. 6 to 8 lakhs and other 2 lakhs I want to pay tax. The tax rate I am told for unlisted company shares is 22.66%.

1) When do I have to open the Longterm Capital gains saving account with Nationalised bank? Can I wait till the end of the Financial year? I am looking for a house so I am not sure what amount I need to put in the capital gains saver acount.

2) Do I have to pay advance tax immediately or can I wait till 31st march of 08 to pay the tax. I don't want to pay any interest.

Pls. Help

Regards
Satyajit Roy Chowdhury

CA Hemant T Dewani

CA Hemant T Dewani (Expert)

11 January 2008 us 54f long term capital gain tax is 20%+sc+ed cess+she cess, if you are invested the whole sum(not capital gain) no tax is to be paid the investment is to be maid with in time allowed.you can a open a a/c in any nationalised bank as a long term capital gain a/c if you invested less amount in house property the proportnate deduction is allowed you will invest the ltc gain with in six month from the dete of dealing

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now