Advance Tax on LTCG on sale of property

Tax planning 130 views 1 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 (1)

@ 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. 


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