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Advance tax query

Tax queries 177 views 1 replies

Icarus Patel

25 Points Joined October 2016

hi all

i am expecting sales proceeds of my property sale within 10 days from buyer.since i sold this house within 3 years ,i have to pay STCG, post revokation of LTCG from sale of old property earlier out of which I had purchased new property.

now when i am supposed to pay advance tax, as i have not recieved monies from sale yet. also should i pay all tax in one go (as i am unemployed with no income for this fy yet)

secondly out of partial withdrawal i made from my PPF this fy can i deposiy back now as to take bemefit of deductioins before i pay advance tax

thank u

Replies (1)

Manoj kumar

FCA

44 Points Joined May 2016

Friend,

As advance tax provision will apply, if any assessee has income more than 10,000/-. But if you are senior citizen and does not have any business income, then there is a exemption of advance tax provisions.

as, the gain is short term gain and the age is not more than 60, then advance tax provsion would apply and u need to deposit advance tax on quarerly basis.