My relative, who is 81 years old, sold a plot of land on 25th July, 2012.The land was purchased by her prior to 1/4/81 and she has earned long term capital gains, after indexation, of about Rs.60 lakhs. What is the advance tax payable by her by 15th september, 15th december and 15th march 2012? I have heard that senior citizens do not have to pay advance tax with effect from 1/4/2012. Is this true? If true, can you please inform me the relevant Income Tax notification number and date?
Yes exempted in your case if no income under the head of PGBP of the assesse.
Introduced by the Finance Act, please check the relevant section.
section 207 of the incomes tax act says that if a senior citizen has no income from business or professional,he/she is not required to pay advance tax..they just need to pay self assessment tax
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