AR (RETIRED) (56 Points)
18 September 2021I am retired, Senior Citizen (70 yrs old) taxpayer.
Coming month, I intend to close my Portfolio Management Service with a share broker.
I estimate that this will result in a Capital Gain (LTCG + STCG) Tax of about Rupees 2 Lacs.
The estimated TDS for the AY 2021-22 for my OS income (bank fixed deposits) will be around Rs. 25,000/-
Do I have to pay advance tax for the Capital Gain?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 18 September 2021
No. Till you do not have any Business/Professional Income, you are relieved from paying Advance Tax.
You will be required to pay the tax on or before filing the return.
CAclubindia
