banner_ad

Advance Tax on LTCG on sale of property

Tax planning 646 views 2 replies

I am a senior citizen having sold my ancestral property on 01.07.2025. 1% TDS on total consideration is already deducted by the buyer. Presently, I intend to pay tax on total LTCG. My query is

 1. Whether advance tax is payable? If so, at what rates since 15th June is over?

2. What if I decide to take benefit u/s 54 or 54EC later on?

3. Whether as senior citizen, is this advance tax exempted from prepayment? 

Thanks in anticipation. 

 

 

Replies (2)

@ Rajiv Gupta

Following are answers to your queries:-

  1. Since you are a Sr Citizen, there is no need for paying any advance tax. You will need to pay Self Assessment Tax in the next assessment year AY2026-27, before filing the IT Return in Year 2026 [Not present year].
  2. For taking benefit of U/S 54, you have time till you file your AY2026-27 IT Return.
  3. I have answered in 1. 

Thank you Sir. It's really appreciated. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details