Retired senior citizen- advtax on capital gain tax a 2018-19

Tax queries 391 views 3 replies
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Retired
110 Points Joined July 2009

Assessment Year 2017-18.

1) The first instalment for adance tax is coming in June 15, 2017.

2) I am 61 years old and a senior Ciztien

3) I am retired and do not have any income from Business and profession.

4) I sold a propery in May 2017 and have a Long Term Capital Gain of Rs 2 Cr

5) Would I have to pay Advance tax (more specifically) on Long Term Capital Gain for the Ass Yr 2017-18 on the scheduled dates?

   * June 15 2017, SEpt 15 2017, Dec 15 2017, March 15 2018

6) When will the tax be payable? on self assessment in July 2018?

Please let me know.

Thanks

Gopal Mirchandani

 

 

 

 

 

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On 04 June 2017 at 15:12 Report
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No need

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On 04 June 2017 at 15:27
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Chartered Accountant
86505 Points Joined April 2011
Senior citizen having no business & profession income are not required to pay advance tax as per Sec 208 of IT Act. So you are not required to pay advance tax.
1 Reply
On 04 June 2017 at 16:36
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Sr. Finance Executive
261 Points Joined February 2013
No need to pay advance tax because section 208 provided relaxation to senior citizen having no business income
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On 04 June 2017 at 20:25


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