26 September 2012
My relative, who is 81 years old, sold a plot of land on 25th July, 2012.The land was purchased by her prior to 1/4/81 and she has earned long term capital gains, after indexation, of about Rs.60 lakhs. What is the advance tax payable by her by 15th september, 15th december and 15th march 2012? I have heard that senior citizens do not have to pay advance tax with effect from 1/4/2012. Is this true? If true, can you please inform me the relevant Income Tax notification number and date?
27 September 2012
1. In this case your relative need not to pay any advance tax provided he/she doesn't have any income from business or profession. 2. It is amended in Finance Act 2012, presented in parliament on 16th March-2012
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