Does a senior citizen need to pay the tax on Long Term Capital Gain on house sale before 15 September of the FY if sale was done in April? If yes, how to pay it (should it be paid as Advance Tax - 100)?
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Tax on long term capital gain
Replies (3)
If there is capital gains during the yr which the assesse could not estimate at the begining to the yr. then there will be no interest but after the capital gain arises the assessee should revised the estimate and pay other installments considaring capital gains.
In case the assessee has the knoledge of what cap gain he is likely to accrue before 15 sep, he is liable to pay advance tax.
| Originally posted by : CA Mukul Mittal | ||
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In case the assessee has the knoledge of what cap gain he is likely to accrue before 15 sep, he is liable to pay advance tax. |
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Thanks for all responses. W.e.f FY 2012-13 it is not mandatory for Senir Citizen to pay Advance Tax (I guess)? Even in this situation, is it mandatory for Senior citizen to pay full amount of Tax on Long Term Capital Gain by 15 September if he has knowledge of capital gain before 15 Sept?
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