An assessee has made long term capital gain of Rs 400000 in july'08 by selling land. Whether "Advance Tax Provision" will be applicable to him for the year 2008-09?
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advance tax on capital gain
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advance tax is payable only wen the total tax payable amount exceeds Rs. 5000.
If LTCG (after indexation) is Rs. 4 lac as u hv said, then LTCG Tax @ 20% i.e. 80000 (+ SC/EC as applicable) is payable for A.Y. 2009-10.
Therefore, Advance Tax provisions are applicable as under :-
upto 15th Sept - upto 30% of 80000 i.e. 24000
upto 15th Dec - upto 60% of 80000 i.e. 48000 (incl. 1st Installment)
upto 15th Mar - upto Rs. 80000 (incl. 1st & 2ns Installments
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