Payment of tax on long-term capital gains

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This query is : Resolved

Sudhakar Arekatla (Querist)

21 March 2013 My father a retired public servant sold his 1978-constructed house in 2012 (Oct.) and purchased another in 2012 by paying part of the sold amount. The long term capital gains was arrived as Rs 27,21,000 after deducting the cost of new house (Sec.54). The tax payable is calculated as Rs 5,61,000 (including Edu.cess 3%).

01. What is the last date for paying the tax ?
02. Should Challan 280 be used for deposting the tax ?
03. Should he pay the required amount as Advance tax (100) before 31.3.2013 or Self Assessment Tax (300) before filing the returns in July 2013 ?

Please advise.

Sudhakar

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)

21 March 2013 dear sudhakar..

you have to deposit advance tax instalments..

through challan no. 280

Sudhakar Arekatla

Sudhakar Arekatla (Querist)

21 March 2013 Thank you Mr Piyush Goel. But, the amount can not be paid in instalments, as the possession of new house was taken in January, 2013. Now, the the entire amount can be paid as one lump sum only.

It was also not possible to arrive at the likely amount under LTCG for paying tax.

As advised, the amount will be deposited as Advance tax for AY 2013-14 before 31.3.13.

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