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Capital Gain Advance Tax

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Priya G.

121 Points Posted on 17 November 2023

Filing ITR4 last 4 years (presumptive taxation 44AD) for Business Income + Other Sources. Advance tax until now was due on or before 15 March of AY.

1) In 4th week of September 2023, I sold a real estate property. What is the last date to pay Advance Tax for LTCG? 15 October or 15 December?

2) My Business income is still the same. Can I still opt for 44AD for tax on BI + OS?

3) For AY 2024-25 (FY 2023-24), in which ITR form should I file returns for LTCG & presumptive taxation under 44AD of (BI + OS) ?

Thanks & Regards

Replies (4)

Quick Summary

This discussion clarifies advance tax payment deadlines for long-term capital gains (LTCG) arising from property sales, specifically confirming the 15th December deadline. It also addresses the continued eligibility for presumptive taxation under Section 44AD for business income alongside other sources, even after a property sale. Finally, it advises on the appropriate ITR form (likely ITR 3) for filing returns that include both LTCG and presumptive business income, and confirms that overpaid advance tax can be adjusted against future liabilities like surcharge and cess.

CA Raj Doshi

Practising CA

5649 Points Posted on 18 November 2023

1. 15th December
2. yes.. btw 44AD is for BI only
3. ITR 3 unless any change in form gets notified

Priya G.

121 Points Posted on 18 November 2023

Thankyou very much Sir. To avoid interest/penalty I am paying advance tax + sufficient surplus amount : all under minor head Advance Tax (100) without breaking up as surcharge, cess. Can the surplus amount later on while filing returns, be adjusted for surcharge & cess or I have to pay them accurately under appropriate heads? Thanks again.