I'm selling a property in March 2016, and the Capital Gains from this sale of property would be 25 Lacs. As far as I know, I will need to pay 20% to the Govt as Capital Gain Tax, i.e. Rs. 5 lacs.
But when would I actually need to pay this amount? By the end of this financial year itself, i.e. till 31st March 2016? Or in next financial year? When exactly?
Taxes on sale of property are to be bifurcated into short term capital gain and long term capital gain according to the period gap between your purchase and sale. And accordingly, the tax rates are different for both.
Regarding the payment, you may pay advance tax before 31st March 2016 or else you can pay tax as self assessment tax on or before the due date of filing income tax return i.e. 31st July 2016.
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