Advance tax for senior citizen in case of property sale

This query is : Resolved

Prof. Bajaj (Querist)
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10 December 2012 Dear Experts,

My Uncle is a senior citizen and has sold a property in Nov 2012, wherein the long term capital gain tax works out to be Rs. 3,04,000.

Does he have to pay advance tax before 15 Dec 2012 or can he pay total tax at the time of return filing ?

He has no business income. He gets small pension from old employer.

CA Manish

CA Manish (Expert)
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10 December 2012 There is no need to pay advance tax by senior citizen if there is no business income.

Prof. Bajaj

Prof. Bajaj (Querist)
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10 December 2012 Thanks Manish Sir.

Just wanted to know whether this is applicable even if there is a tax liability of Rs. 3 Lakhs due to sale of property ??

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CA Manish

CA Manish (Expert)
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10 December 2012 Yes,

there is no limit.

Prof. Bajaj

Prof. Bajaj (Querist)
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10 December 2012 Thanks Sir !!