Whether tax is paid on capital gains

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Querist : Anonymous

Querist : Anonymous (Querist)

11 July 2012 If I sell a capital asset in January 2012 and have capital gains whether the estimated gains to be included in the calculation of advance tax as on September 30,2011?

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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11 July 2012 Dear Friend, advance tax to be paid to the government on estimated income for the year under consideration. If you have considered that there will be capital gain, then calculate your advance tax liability considering capital gain. Thanks

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Querist : Anonymous

Querist : Anonymous (Querist)

12 July 2012 Thanks Deepak for your inputs. You are right that if I anticipate the gain I have to pay the advance tax.
But for captal gains whether "Pay as you earn" is applicable?
Please refer the case of Smt. Premlata Jalani vs Assistant Commissioner Of Income Tax and say whether my understanding for the same is right or not?

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