Tax on capital gains revoked us 54f

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This discussion clarifies the tax payment deadline for a senior citizen whose capital gains exemption under Section 54F was revoked. The individual sold shares to buy a flat and subsequently purchased a new house. It's confirmed that as a senior citizen with no other business income, they can pay the tax liability before filing their return to avoid penalties and interest.

narayan

narayan (Querist)
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27 November 2024 I am a senior citizen having NO income under business or profession.

I hv income under capital gains revoked us 54 f.

When should I pay the tax amount to avoid penalty and interest

Regards

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 November 2024 Have you invested any amount in capital gains savings account? When the time period expired?

narayan

narayan (Querist)
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27 November 2024 54 f revoked ( i bought a flat in aug 2023 by s lling shares) since I bought a new house in November 2024.
Can I pay the tax before filing return???

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 November 2024 Yes, being senior citizen, not having any PGBP income, no advance tax liability.

narayan

narayan (Querist)
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28 November 2024 Means I can pay the tax before filing return????
Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 November 2024 Correct.
Good luck.

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