17 November 2010
One of our clients has sold his equity shares in a private unlisted limited company and capital gains tax is payable on the gains. Opinion differs whether the entitre capital gains tax due on the sale is to be paid in one lump or it can be paid at the prescribed intervals. I shall be glad for correct opinion. S. Krishnamoorthy
17 November 2010
The word used in section 207 is current income. Current income includes capital gains also. Therefore, the assessee can opt for section 211 for payment of tax on capital gains.
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