I had sold a property on 01.05.2015 (FY 2015-16) and had invested Long Term Capital Gain arisen in Capital Gain Account Scheme under Section 54, but had not utilized it for purchase/ construction of new property. Now this amount will be treated as income of FY 2018-19 (FY in which 3 years end). My query is that the 3 years period is ending on 01.05.2018, how much advance tax I have to deposit as first installment due on 15.03.2018. Will it be the full amount of tax calculated or 15% of the total tax amount? (If total tax payable is say 10 lakhs, will the first installment be Rs. 1.50 lakhs or Rs 10 lakhs, keeping in view that 3 years period is ending on 01.05.2018, in first quarter of FY 2017-18)
Advance tax on long term capital gain income in 1st qtr of fy 2018-19
Ashok Kumar (Consultant) (26 Points)
08 June 2018