Advance Tax on LTCG on sale of property

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)
Quick Summary
A senior citizen sold ancestral property and had TDS deducted. They are seeking clarification on advance tax payments for Long Term Capital Gains (LTCG). The advice given is that as a senior citizen, advance tax is not required; instead, self-assessment tax can be paid before filing the IT Return in AY2026-27. There is also time to claim benefits under Section 54 or 54EC until the IT Return is filed.

@ 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. 

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