Challan, category-paying onlineLTCG on inherited gold

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Anita (Querist)
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26 March 2020 is challan 280 and category self-assessment (no.300) in the challan form correct for paying by self online the tax on sale of inherited gold ? do we have to pay by 31/3/2020 to avoid interest 9%? or is june 30th 2020 d last dt for such tax payment without interest, penalty, late fee? Does a householder (who had taken pan on anuual income of fifty thousand for home tuitions but since past few yrs has been slf retired below the age of 60yrs) have to file itr on payment of tax on LTCG on inherited gold? am ready to pay some professional fees for the reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 March 2020 * chalan 280 is O.K.

* Can go upto 30-06-2020 , if assessment yer is 2019-20.( Financial year 2018-19)

* can file return with capital gains, though in previous years no return has been filed.

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Spurto Consultancy Services

Spurto Consultancy Services (Expert)
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28 March 2020 1. Challan 280 for payment of tax is correct.
2. The last date for filing of IT return for the FY 18-19 have been extended to 30.06.2020 from 31.03.2020. Interest on late payment of tax or late filing of return will be applicable.
3. Return can be filed even if in previous years no IT Return was filed.

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Anita

Anita (Querist)
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29 March 2020 query-please reply--where price is unknown for inherited gold purchased before 1971, (mother received from her mother, mother-in-law and husband), we receive after mother passes away in 2019 and sell in say 2019, is the following working for tax amount on LTCG on inherited gold correct? Am ready to pay some amount for professional advice reg. the foll. queries-- 1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working-- fmv 100gmsx4300 = 430000 -sale value-100gmsx3000 = 300000 = 130000x20% = 26000 +4% health&edu cess on 26000= 1040 tax payable =27040
value of gold fmv per 10 gms 24 karat =4300
selling value per gm 3000 (21 karat) in 2019
pls guide

Anita

Anita (Querist)
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29 March 2020 $45.50 for 21 karats of which yr, sir? 1) working-let us say an eg to tell if d working is correct--FMV as on 1st april 2001=4300 INR so let us say for 100gms working-- fmv 100gmsx4300 = 430000 -sale value-100gmsx3000 = 300000 = 130000x20% = 26000 +4% health&edu cess on 26000= 1040 tax payable =27040 pls replyALso, if i select category 300 (self assessment) in challan 280 for individual, then the assessment yr 2020-21 is not getting accepted, it says assessment yr ca not be greater than the financial yr. which category for a homemaker then must i select for payment of tax on inherited gold. pls guide as i hv to pay tax
for working if i take the fmv 3422.84 inr (21karat gold), the calculation will change accordingly. then i deduct from fmv d SP ie 342284-300000=RS.42284 on which i calculate 20%=8457+health and edu cess4%=338. kindly guide