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)
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Advance tax on long term capital gain income in 1st qtr of fy 2018-19
Replies (2)
In my opinion full TDS amount should be deposited in the 1st quarter as income become taxable in 1st quarter only
The total tax liability..... including capital gains tax....... is distributed in 4 installments for advance tax payment.....
and according to that it will be 15% of total tax liability on or before 15.06.2018.
Use the advance tax calcualtor for tax installment liability.......
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