Advance tax in case of ltcg on sale of residential property

Varun Saboo (Asst. Manager) (64 Points)

04 December 2014  

Dear Friends,

I have a client who is transferring residential house property where long term capital gain comes to Rs. 2,00,00,000/-.

The sales deed will be done in Apr'15 (corrected: typo error showed it as Apr'14) and full consideration will be received then.

However, an MOU with the transferee will be signed in Dec'14 and only token amount of Rs. 5,00,000 /- will be received.

My question is this:

1. Is advance tax due to be paid in Dec'14 (60%) & Mar'14 (100%) quarters ?  Client is non-corporate assessee. 

2. Which year's indexation can be availed? FY 13-14 or FY 14-15? Sales deed will be in Apr'15.

3. Are society transfer charges deductible like brokerage as expenses in relation to transfer?

Will appreciate the help. Thanks.