Tax provisions of sale of inherited capital asset
This query is : Resolved
Varun Shah
(Querist)
13 December 2012
Respected Sir/Madam,
I have a query relating to capital and its advance tax provisions.
I have inherited a property from my father by succession(as per will), which was originally purchased in 1960. I entered into an sales agreement and received Rs. 80 Lakhs as Advance. So please tell the Tax provisions mainly advance tax liabilty in following 2 cases:
1. If sales deed is executed in March 2013
2. If sales deed is exwcuted in April 2013
I have a query relating to capital and its advance tax provisions.
I have inherited a property from my father by succession(as per will), which was originally purchased in 1960. I entered into an sales agreement and received Rs. 80 Lakhs as Advance. So please tell the Tax provisions mainly advance tax liabilty in following 2 cases:
1. If sales deed is executed in March 2013
2. If sales deed is exwcuted in April 2013
Soumitra Basu
(Expert)
14 December 2012
1. ADVANCE TAX ALONG WITH INTEREST PAYABLE WITHIN 31ST MARCH, 2013 BASED ON THE DATE OF AMOUNT RECEIVED.
2, NO ADVANCE TAX IS PAYABLE DURING THE CURRENT FINANCIAL YEAR.
2, NO ADVANCE TAX IS PAYABLE DURING THE CURRENT FINANCIAL YEAR.
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