advance tax on capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 Please let me knoe whether advance tax is to be paid 100 % on the capital gain on sale of land/ plots???in capital gain 30% , 60% provison of advance tax not applicable??please reply fast...its urgent....

CA Sanat Pyne

CA Sanat Pyne (Expert)
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15 September 2010 for capital gain you have to pay the advance tax in the said quarter in which capital gain arise.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 suppose capital gain tax of Rs. 5.00 Lacs arise in august 2010 to the firm for the sale of plots, then whether on 15.09.10 i have to pay 100% advance tax of these 5 Lacs or 30% of 5.00 Lacs???

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CA Sanat Pyne

CA Sanat Pyne (Expert)
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15 September 2010 IF IT IS SHORT TERM THEN 30%
LONG TERM 20%

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 thanks for your reply....but what m asking is on 15.09 we have to pay 30% advance tax. One of my frnd told that on capital gain 100% advance tax is to be paid....so i jst want to confirm that on capital gain whether we have to pay 100% advance tax instead of 30%???

CA Sanat Pyne

CA Sanat Pyne (Expert)
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15 September 2010 yes you have to pay 100% tax during that quarter.

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2010 Please provide the circular for the same...