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?
Menu
advance tax on capital gain
Replies (2)
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
Recent Topics :
- Ewaybill and Transport documents (Lorry receipt)
- LTCG on sale of Builder Buyer Agreement
- Rule 13(2)(h) and valuation of CCDs
- Leave encashment, New labour code, Management cadr
- GST clarification needed:
- TDS processed with short deduction default
- TDS on rent paid to RNOR Landlord. Can RNOR US tax
- PAN CANCELLATION OF A DISSOLVED PARTNERSHIP FIRM
- Transport agency accounting entry in purchase &
- REGARDING HSN CODE FOR WASHING JOB CHARGES
Related Topics :
CAclubindia
