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Property sale LTCG tax payment

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Ranjan

1487 Points Posted on 06 November 2024

I am closing my 54A capital gains account as the 2 year time limit from date of sale is over.

I have to pay LTCG tax on this Long Term Capital Gain.

Under what heading and section do I pay this tax online?

Is it to be paid as Advance Tax or as Self Assessment Tax?

Early advice would be much appreciated

Rgds to all experts in the CAClubIndia

Replies (5)

Quick Summary

This discussion addresses how to pay Long Term Capital Gains (LTCG) tax when closing a 54A capital gains account after the two-year period. The consensus is that the tax should be paid as Advance Tax. The process involves obtaining approval from the jurisdictional income tax officer, which is contingent upon settling the tax liability.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212453 Points Posted on 06 November 2024

Closure of CGAS account requires approval from jurisdictional income tax officer. Form G is required to be submitted for the closure of account along with jurisdictional income tax officer’s approval.
Approval is given based on payment of tax laibility.