Sale of land

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Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 I have sold a land on 10th August 2011 and earn a long term capital gain of Rs 500000 approximately.I neither want to invest in any other property nor to buy tax saving bonds(NHAI etc) which would have given me six months time. Now within how much time I have to pay my capital gain tax.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 August 2011 Tax has to be paid in advance on
15 th sept 2011- 30 % of tax
15 th dec 2011 - 30% of tax
15 the mar 2012 - 40% of tax.

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CA Hardik Bunha

CA Hardik Bunha (Expert)

13 August 2011 in your case your income generated from capital gain here PROVISO TO SECTION 234C APPLIED.....as per this section whenever u will get income from sold land(i.e. amount received from buyer partly-partly) the date of received amount will be considered. and from that date ENTIRE amount of tax will become payable as advance tax.(YOU HAVE TO NOT CONSIDERED DATE OF SALE)

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Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2011 Thanks Sir, But my case is not of a company.But I am asking about an individual (my Mother) who is getting only Family Pension.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

14 August 2011 In the case of individual's also, if the tax payable exceeds Rs.10,000/- the said liability has to be discharged by paying advance tax on the dates and % mentioned in my earlier observation failing which, in addition to tax ,interest on income tax also has to be paid .

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