I have sold my home on 29 Oct 2009. I have to pay short term capital gains tax from the sale. I want to know when i have to pay this tax? December 15 or March 31?
If I delay my payment, how much fine & what rate of interest I have to pay?
Please help me with the information.
Regards
Satish
You have to pay tax after computing your total income on/before 31st march 2009....
By total income, I mean salary+business income+capital gains+income from other sources...
Thank you very much for your reply,
I have gone through an advertisement from IT dept.. saying that, pay Advance tax before 15 th Dec.. and it also says that, one has to pay tax in 3/4 instalments if the total tax exceeds Rs. 10,000 other than the TDS.
Could you please clarify me on this & whether I understood correctly or not.
Regards
Satish
| Originally posted by :Satish | ||
| " | I have sold my home on 29 Oct 2009. I have to pay short term capital gains tax from the sale. I want to know when i have to pay this tax? December 15 or March 31? If I delay my payment, how much fine & what rate of interest I have to pay? Please help me with the information. Regards Satish |
" |
|
Tax payable
|
Due date
|
|
30% of the total tax
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On or before Sep 15, 2009
|
|
60% of the total tax – tax previously paid on 1st installment
|
On or before Dec 15, 2009
|
|
100% of the total tax -tax previously paid on 1st and 2nd installment
|
On or before Mar 15, 2009
|
Sorry, the due date for 3rd installment i.e. payment of advance tax is March 15, 2010 and not Mar 15, 2009.
Hi
Thank you for the information.
I have to pay tax more than 10k on capital gains. So I have to pay adavance tax now.
If I miss to pay idvance tax , Is there only interest @ 1% per month OR there is any fine also along with interest?
Regards
Satish
Really Anand... vry nice answer.....!
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