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discussion clarifies the tax payment deadline for a senior citizen whose capital gains exemption under Section 54F was revoked.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)

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)

27 November 2024 Have you invested any amount in capital gains savings account? When the time period expired?

narayan

narayan (Querist)

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)

28 November 2024 Yes, being senior citizen, not having any PGBP income, no advance tax liability.

narayan

narayan (Querist)

28 November 2024 Means I can pay the tax before filing return????
Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

28 November 2024 Correct.
Good luck.

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