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Adavance Tax

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AR

RETIRED

57 Points Posted on 18 September 2021

I am retired, Senior Citizen (70 yrs old) taxpayer.

Coming month, I intend to close my Portfolio Management Service with a share broker.

I estimate that this will result in a Capital Gain (LTCG + STCG) Tax of about Rupees 2 Lacs.

The estimated TDS for the AY 2021-22 for my OS income (bank fixed deposits) will be around Rs. 25,000/-

Do I have to pay advance tax for the Capital Gain?

Replies (2)

Quick Summary

As a retired senior citizen, you may not need to pay advance tax on capital gains from closing your investment portfolio. If you don't have business or professional income, you can pay the tax due by the deadline for filing your tax return. This applies even if you have other income like fixed deposit interest, on which TDS has already been deducted.