Advance tax on capital gains

Dear Tejal

As per section 208 of income tax act 1961 :- A person shall be pay advance tax if such amount of advance tax payable is more than INR 10000 in any financial Year.

 As you mentioned

- your short term capital gain is Rs. 50000.00

                 Less .. TDS           Rs. 20000.00

                 Tax Payable          Rs. 30000.00

Need to deposit advance Tax Rs. 30000.00 on or before due dates as the case may be.

Short term gain is Rs.50000/-

tax on the same is Rs.7500 

Than Dear

You need not to pay advance tax. B.coj you have already been deposited Rs. 20000 as TDS to Govt.

Second case : Deduction under chapter VI A claim ( In your case LIC claim)

(2) Where the gross total income of an assessee includes any short-term capital gains, the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains.

Agreed with Vishal Goel.